Germany’s Inflation Holds Steady in November

(MENAFN) Germany’s yearly inflation rate stayed steady at 2.3% in November, unchanged from the prior month, according to an official preliminary estimate released Friday.

The figure came in below market forecasts of 2.4% for the month.

Rising costs in services and food contributed to upward pressure on inflation, increasing by 3.5% and 1.2%, respectively.

According to the Federal Statistical Office (Destatis), food inflation moderated slightly from 1.3% in October.

Energy prices continued their downward trend in November, slipping 0.1% year-on-year, though at a slower pace than October’s 0.9% drop.

Inflation had climbed 2.4% in both October and September, up from 2.2% in August and 2% in July and June—the lowest level since October of the previous year.

Consumer price index (CPI) readings stood at 2.1% in May and April, and 2.2% in March, following a 14-month peak of 2.6% last December.

Excluding food and energy, the annual inflation rate—also known as core inflation—declined to 2.7% in November from 2.8% in October.

On a monthly basis, consumer prices fell 0.2% in November, reversing October’s 0.3% rise and aligning with market expectations, according to Destatis.

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