Financial News: German Inflation Rises To 4-Month High As Estimated

German Inflation Rises To 4-Month High As Estimated

12/10/2024 - 03:10:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation rose to a four-month high in November due to less favorable energy base effects, official data showed on Tuesday.

The consumer price index registered an annual increase of 2.2 percent in November, following a 2.0 percent rise in October, Destatis reported. The rate matched the estimate published on November 28.

Inflation, based on the harmonized index of consumer prices, stood at 2.4 percent, the same as in October and in line with the flash estimate. On a monthly basis, consumer prices dropped 0.2 percent in November, due to seasonal factors. Prices of airline tickets and package holidays fell in particular. The HICP dropped 0.7 percent on month, in contrast to the 0.4 percent increase in October. Monthly CPI and HICP rates also matched the initial figures.

Data showed that prices for energy products dropped 3.7 percent from a year ago but this was slower than the 5.5 percent fall seen in October. At the same time, food inflation softened to 1.8 percent from 2.3 percent and services inflation held steady at 4.0 percent.

Nonetheless, excluding food and energy, core inflation remained elevated at 3.0 percent in November.

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