Inflation significantly lower: statistical effect at work
Inflation has slowed considerably in Rhineland-Palatinate, albeit also due to a statistical effect. In November, consumer prices were three percent higher than in the same month of the previous year, as the State Statistical Office in Bad Ems announced on Wednesday. The last time there was a lower inflation rate was in June 2021 - 29 months ago. Compared to the previous month of October, prices rose by 3.7 percent.
The comparatively low inflation was partly due to a statistical base effect, the authority explained. A year ago, prices for energy and food in particular had risen particularly sharply and the basis for comparison was high, which depressed the inflation rate over the year as a whole.
Energy as a whole became four percent cheaper in November this year compared to the same month last year. Almost 17 percent less had to be spent on heating oil, 4.6 percent less on gas, the price of electricity remained almost unchanged, while district heating prices rose by almost 16 percent. Fuel prices fell by more than six percent.
Rhineland-Palatinate residents had to dig deeper into their pockets for food, paying 5.5 percent more. Prices for sugar, jam, honey and other confectionery went up the most, rising by more than 14%.
Despite the lower inflation rate, the economic situation may still be challenging for many consumers in Rhineland-Palatinate. Conversely, the improvement in the economic situation could potentially lead to increased consumer spending.
Source: www.dpa.com
