Federal Statistical Office - Inflation weakens further
The inflation rate in Germany continued to fall in November. Consumer prices were 3.2 percent higher than in the same month last year, according to the Federal Statistical Office in Wiesbaden on Friday. The authority thus confirmed preliminary data. "The inflation rate has weakened for the fifth month in a row," said Ruth Brand, head of the authority.
In October, consumer prices had risen by 3.8 percent within a year. In September, the annual inflation rate stood at 4.5 percent and in August at 6.1 percent. At the beginning of the year, there was even an 8 before the decimal point. In November, the inflation rate reached its lowest level since June 2021 at 2.4%.
Energy cost 4.5% less in November than a year earlier, thus dampening the inflation rate. According to the statistics, light heating oil (minus 19.4 percent) and natural gas (minus 18.3 percent), among other things, were significantly cheaper. In contrast, electricity was 1.6% more expensive in November 2023 than in the same month last year.
According to the confirmed data, the price of food rose by an above-average 5.5%. However, the increase was not as strong as in previous months. Consumers had to pay noticeably more than a year earlier, particularly for fruit (up 12.0%) and sugar, jam, honey and other confectionery (up 11.9%).
Compared to the previous month of October, consumer prices fell by 0.4% in November, according to the statisticians.
Significantly higher prices are a burden on consumers. People can afford less for their money. This is slowing down private consumption - and thus an important pillar of the German economy.
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- Ruth Brand, the head of the Federal Statistical Office, discussed the continuing decrease in the inflation rate in Germany, which stood at 3.2% in November, as reported by the office located in Wiesbaden.
- The Consumer price index, a key indicator of inflation, showed a reduction for the fifth consecutive month, as the Federal Statistical Office confirmed on Friday.
- According to the statistics released by the Federal Statistical Office, the Federal Statistical Office in Wiesbaden, consumer prices for food items experienced a more significant increase than other categories, with a 5.5% rise compared to November 2021.
- The latest data from the Federal Statistical Office has shown that the cost of food, such as fruit (up 12.0%) and sugar, jam, honey, and other confectionery (up 11.9%), is causing significant strain for German consumers facing an increased burden due to higher prices.
- The German Federal Statistical Office, situated in Wiesbaden, published data indicating that overall consumer prices declined by 0.4% in November compared to October, revealing a downtrend in inflationary pressures affecting German consumers and the economy as a whole.
Source: www.stern.de
