German inflation moves closer to ECB target, revised data shows

German annual inflation accelerated to 1.5 percent in June but remained below the European Central Bank’s target, final data from the Federal Statistics Office showed on Thursday.

The reading for German consumer prices - harmonized to make it comparable with inflation data from other European Union countries - was revised up after preliminary data released at the end of June had shown prices increased by 1.3 percent year-on-year.

The ECB targets inflation of close to but below 2 percent for the euro zone as a whole.

Inflation in the euro zone has long been below the ECB’s target and the European Commission on Wednesday lowered its estimates for euro zone growth and inflation, saying uncertainty over US trade policy posed a major risk to the bloc.