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German inflation eases to 3.1%

German inflation eased to 3.1% in August from 3.3% in July due to lower oil prices, offering the first sign the worst may be over for Europe's biggest economy.

The consumer price index rose 3.1% from August 2007, down from 3.3% in both July and June, according to figures from the Destatis service.

On a monthly basis, consumer prices fell 0.3%, it added, mainly as a result of lower costs for petroleum products.

The estimate was based on figures from six regional statistics offices.

The June and July rate of 3.3% marked the highest level of inflation since December 1993.