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rdf:type	schema:NewsArticle
schema:articleBody	German consumer prices rose sharply in March, official data showed Tuesday, powered by higher energy costs and one-off factors linked to the coronavirus pandemic. Inflation reached 1.7 percent year-on-year, up from 1.3 percent in February, according to provisional figures released by the federal statistics agency Destatis. German consumer prices have been on an upward trend since the start of year, partly due to the reversal of a temporary sales tax in Europe's top economy as well as the introduction of a carbon tax. But March's rise was mainly driven by a 4.8 percent increase in energy prices, Destatis said. German inflation is set to pick up even more in the coming months as ongoing shutdowns distort prices and incidents like the Suez Canal jam upset supply chains, said ING bank economist Carsten Brzeski. "For German (and eurozone) inflation, the only way is up," he said, predicting German consumer prices could rise by three to four percent this year. Using the European Central Bank's preferred yardstick, the Harmonised Index of Consumer Prices (HICP), German inflation rose by 2.0 percent year-on-year -- overshooting the ECB's inflation target of "close to, but below" 2.0 percent. ECB chief Christine Lagarde said earlier this month that rising consumer prices were a result of "temporary factors" linked mostly to the pandemic and would not prompt the bank to tighten its ultra-loose monetary policy anytime soon. The ECB has stressed "its commitment to maintaining favourable financing conditions and to look through temporarily higher inflation. Today's German inflation numbers suggest that this commitment has not come a moment too soon," Brzeski noted. mfp/hmn/wai
schema:headline	Higher energy prices fuel German inflation
schema:mentions	European Central Bank Carbon tax Eurozone Sales tax World energy consumption Economist Christine Lagarde Inflation European Union Pandemic ING Group Harmonised Index of Consumer Prices Suez Canal Hyperinflation in the Weimar Republic Monetary policy
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-03-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	75 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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