Germany’s inflation rate ends ’23 at 5.9%

Germany’s inflation rate rose by 5.9 per cent in 2023 on an annual average basis compared to 2022 against 6.9 per cent a year earlier, the German Federal Statistical Office (Destatis) said in a statement on Tuesday.

“The rate of inflation for 2023 was below 2022’s record high. At almost six per cent, it is still at a high level, however. Food prices registered particularly sharp increases on an annual average basis in 2023,” said President of the Federal Statistical Office, Ruth Brand.

In December 2023, the inflation rate stood at 3.7 per cent year-on-year, according to the consumer price index.

“It therefore rose towards the end of the year, after having declined in the preceding months,” Destatis added.