Thursday, the Federal Statistical Office said consumer prices dropped 0.3% on a yearly basis in April, following a 0.4% decline in March. Economists were expecting an annual 0.6% decrease. A year ago, the annual inflation rate stood at 2.3%.

From March, prices rose 0.9% in April, larger than the consensus forecast of 0.6%, reflecting a surge in clothing and footwear costs.

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