German inflation drops sharply in NovemberNovember 27th, 2008 - 2:21 am ICT by IANS
Berlin, Nov 27 (DPA) German inflation dropped sharply in November to 1.5 percent, the country’s statistics office said Wednesday, as falling oil prices and a slowdown in economic growth helped to ease inflationary pressures in Europe’s biggest economy.This month fall in annual inflation from 2.5 percent in October is likely to help pave the way for the European Central Bank to cut interest rates at its meeting next week.
Based on the European Union harmonised definition, the new German inflation data could also help to set the stage for a drop in inflation this month in the 15-member eurozone from 3.2 percent in October to 2.7 percent in November. New eurozone inflation figures are to be released Friday.
Wednesday’s preliminary German data was based on the results of six of the nation’s states and represented the fourth month in a row that consumer prices have dropped in Europe’s biggest economy.