Germany's inflation rate has risen slightly above 2%, less than a week before the European Central Bank's first meeting of the year.

After Germany, the largest economy in Europe, unexpectedly recorded strong economic growth at the end of last year, the country's inflation accelerated slightly in January. The German statistical office said on Friday that consumer prices rose by 2.1% year-on-year in January, higher than the 2% in December and the expected 2%. This report comes out less than a week before the European Central Bank's first meeting of the year. While officials claim that monetary policy is still in a "good position", they will inevitably discuss the better-than-expected performance of the Eurozone economy in the fourth quarter and the recent appreciation of the euro. Despite lingering uncertainty from trade and the war in Ukraine, Eurozone inflation remains stable at 2%. Earlier on Friday, the European Central Bank stated that consumer expectations for price increases in the next 12 months remained unchanged in December.