German inflation rises as consumer confidence hits 2-year high
Germany's annual inflation recorded its first increase of 2024 in May, aligning with economists' forecasts. According to preliminary data published by the Federal Statistical Office (Destatis) on Wednesday, the consumer price index surged by 2.4% in May 2024 compared to the previous year, up from the 2.2% rate in April and matching the expected 2.4% rise. On a monthly basis, inflation advanced at a modest 0.1% pace, the lowest increase since December 2023, decelerating from the previous 0.5% growth and falling below the anticipated 0.2%. Fresh hint that ECB might be set to cut interest rates a...