Destatis released its consumer price data for Germany on Thursday. German preliminary consumer price index decreased 0.8% in January, in line with expectations, after a 0.1% decrease in December.

On a yearly basis, German preliminary consumer price index rose to 0.5% in January from 0.3% in December, in line with expectations.

The annual increase was mainly driven by a rise in services prices, which were up 1.2% year-on-year in January.

Goods prices dropped 0.3% year-on-year in January, driven by a decline in energy prices. Energy prices slid 5.8% year-on-year in January.