Germany’s inflation rises in Nov. ’24, data confirms

Germany’s national inflation rate remained flat at 2.2, measured by the Consumer Price Index (CPI), the Federal Statistical Office (Destatis) confirmed on Tuesday.

The increase from October was fuelled by above-average price rises in services, which surged 4.0 per cent year-on-year.

Energy prices eased their downward pressure on inflation, declining 3.7 per cent annually, a smaller drop than October’s 5.5 per cent decline. While electricity prices fell 4.1 per cent, district heating remained 30.7 per cent more expensive than a year ago.

Food prices rose 1.8 per cent year-on-year, but the pace of increase slowed from October’s 2.3 per cent. Notably, butter prices jumped 38.9 per cent, while sugar prices dropped sharply by 23.0 per cent.

Core inflation, which excludes food and energy, remained elevated at 3.0 per cent , while EU-harmonised inflation stood at 2.4 per cent.

Attribution: Destatis

Subediting: M. S. Salama