Final Report Confirms German Inflation at 2.2% for November

The Federal Statistical Office Destatis has confirmed that annual inflation in Germany stood at 2.2% in November, according to its final report released on Tuesday. This figure aligns with the preliminary reading, indicating a 0.2% decrease in the Consumer Price Index (CPI) on a month-on-month basis.

Breaking down the data, energy prices saw a year-over-year decline of 3.7%, while food prices increased by 1.8% and services prices surged by 4%. Notably, the core CPI, which excludes food and energy, rose by 3% in November 2024 compared to the same period in 2023.

Key Factors Driving Inflation: The report highlights that inflation in November was primarily driven by significant price increases in services. Conversely, the development of energy prices had a moderating effect on the inflation rate, although this effect was less pronounced than in previous months.