Final Report Confirms German Inflation at 2.2% for November

The Federal Statistical Office Destatis has confirmed that annual inflation in Germany reached 2.2% in November, according to its final report released on Tuesday. The Consumer Price Index (CPI) saw a 0.2% decrease on a month-on-month basis. Both figures align with the preliminary reading.

Year-over-year, energy prices dropped by 3.7%, while food prices rose by 1.8% and services prices experienced a significant jump of 4%. The core CPI, excluding food and energy, increased by 3% in November 2024 compared to November 2023.

Inflation Drivers and Impacts

The report highlighted that "Inflation in November 2024 was particularly fueled by above-average price increases for services. Conversely, the development of energy prices had a dampening effect on the inflation rate in November 2024, though less pronounced than in previous months."