Inflation rate in the southwest falls to 3.4 percent
Inflation in Baden-Württemberg weakened further in November. The inflation rate was 3.4 percent compared to the same month last year, according to preliminary data released by the State Statistical Office on Wednesday. In November 2022, the annual inflation rate was more than twice as high at 8.5 percent.
In October, the inflation rate was 4.4 percent - the first time it had fallen below the 5 percent mark since February 2022. The consumer price index also fell slightly compared to October this year. The final figures will be published on December 5.
According to the figures, heating oil (down 15.4 percent) and fuels (down 9.4 percent) were significantly cheaper than a year ago. Food prices, on the other hand, rose by 5.9%, which was once again above average. However, the increase was lower than in previous months. In November, consumers also had to dig noticeably deeper into their pockets for restaurant meals, hotel accommodation, furniture and household appliances than in the same month last year. Net rents also increased by 3.0%.
High inflation has been eating away at consumers' purchasing power for months. They can afford less for one euro. Many are cutting back on their consumption - with consequences for the economy, for which private consumption is an important pillar.
Despite the decrease in inflation, the prices of certain consumer goods such as restaurant meals, hotel accommodation, furniture, and household appliances continue to rise, putting strain on consumers' budgets. Consequently, some consumers are adjusting their spending habits to cope with the high prices.
Source: www.dpa.com
