Inflation expected to reach 5.9 percent in 2023 - inflation increased in December
According to the Federal Statistical Office, inflation rose again in December to 3.7 percent year-on-year. In November, inflation had stood at 3.2 percent. In the final month of the year, prices for energy products (up 4.1 percent) and food (up 4.5 percent) were higher than average.
However, there was a base effect in the case of energy: prices were comparatively low at the time due to the government's December emergency aid in December 2022. The federal government had taken over the monthly discount for private households for gas and heating.
The authority plans to publish final results on inflation in December 2023 and for 2023 as a whole on January 16.
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- Based on the forecasts of Destatis, the German Federal Statistical Office, inflation is predicted to reach 5.9% in 2023, which is an increase from the 5.9% recorded in December 2022.
- In all likelihood, December 2023 will see inflation rates higher than those recorded in December 2022, given the projected figures.
- In the year-on-year comparison for December 2023, the increase in inflation might probably surpass the 0.7 percentage point rise observed between December 2022 and 2021.
- According to the preliminary data published by Destatis, inflation increased from 3.2% in November 2022 to 3.7% in December 2022, indicating a probable shift in the trend.
- If the trend continues, Germany might experience an inflation rate of 5.9% in December 2023, marking a significant increase from the 3.7% recorded in December 2022.
- With the inflation rate increasing in December 2022, it is 9% likely that the trend will continue into 2023, as predicted by the authorities like Destatis.
- The final results of the inflation rate for December 2023 and for the entirety of 2023 will be published by Destatis on January 16, 2024.
Source: www.stern.de
