Germany's Federal Statistical Office (Destatis) reported on Wednesday the country’s consumer price index (CPI) is expected to increase 0.7 percent m-o-m in February after gaining 0.8 percent m-o-m in the previous month.

On the y-o-y basis, Germany’s CPI is seen to surge 1.3 in February, following a 1.0 percent climb in February. This represents the largest advance since March 2020.

Economists had predicted inflation would rise 0.5 percent m-o-m and 1.2 percent y-o-y in February.

According to the report, food price rose 1.4 percent y-o-y in February after a 2.2 percent y-o-y increase in January. Services costs also grew 1.4 percent y-o-y in February, the same pace as in the previous month. Energy prices went up 0.3 percent y-o-y after a 2.3 percent y-o-y decline in January.

Meanwhile, the harmonized index of consumer prices for Germany (HICP), which is calculated for European purposes, is expected to rise 0.6 percent m-o-m and 1.6 percent y-o-y.