Germany's Inflation Rate Eases Slightly to 2.9%

German inflation rose to 2.9% in August, but came in below expectations at 0.2% on the month against a forecasted 0.3%, according to preliminary figures from the German Federal Statistical Office.

This marks the third consecutive increase in inflation, following rates of 2.4% in June and 2.8% in July, driven by an energy shock caused by the war in Iran and the expiry of Germany's fuel duty discount.

The harmonised index of consumer prices is a key gauge used by the European Central Bank (ECB) to determine whether it is meeting its 2% inflation target.