German inflation accelerated to its fastest rate for three months in December, casting doubt over investors’ hopes that the European Central Bank will start cutting interest rates as early as March.
Inflation in Europe’s largest economy rose at an annual rate of 3.8 per cent in December, up from 2.3 per cent a month earlier, according to the harmonised index of consumer prices released by the federal statistical agency on Thursday.
The reduction of government subsidies on gas, electricity and food that began last year has triggered a re-acceleration of annual inflation in much of Europe.
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