Germany's Federal Statistical Office (Destatis) reported on Thursday the country’s consumer price index (CPI) is expected to increase 0.7 percent m-o-m in April after gaining 0.5 percent m-o-m in the previous month.

On the y-o-y basis, Germany’s CPI is seen to surge 2.0 in April, following a 1.7 percent jump in March. This represents the largest advance since April 2019.

Economists had predicted inflation would rise 0.5 percent m-o-m and 1.9 percent y-o-y in April.

According to the report, food price increased 1.9 percent y-o-y in April after a 1.6 percent y-o-y advance in March. Energy prices jumped 7.9 percent y-o-y after a 4.8 percent y-o-y climb in the previous month. Services costs grew 1.6 percent y-o-y, the same pace as in March. 

Meanwhile, the harmonized index of consumer prices for Germany (HICP), which is calculated for European purposes, is expected to rise 0.5 percent m-o-m and 2.1 percent y-o-y.