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Financial News: German Inflation Unrevised At 3.7%

German Inflation Unrevised At 3.7%

01/16/2024 - 03:02:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation accelerated somewhat amid a rebound in energy costs, as initially estimated in December, the latest data from Destatis showed on Tuesday.

The consumer price index registered an annual increase of 3.7 percent in December, following a 3.2 percent rise in November. That was in line with the flash data published on January 4.

The 4.1 percent annual rebound in energy prices was attributed to the recent upward trend in inflation due to base effects, the agency said. Food prices were 4.6 percent more expensive.

Prices for goods alone grew 4.1 percent from last year, and those for services climbed by 3.2 percent.

On a monthly basis, consumer prices edged up 0.1 percent in December, as estimated.

Inflation, based on the harmonised index of consumer prices, also accelerated to 3.8 percent in December from 2.3 percent a month ago, in line with the flash data. Monthly, the HICP rose 0.2 percent.

During the whole year 2023, overall inflation was 5.9 percent versus 6.9 percent in 2022. Meanwhile, excluding energy and food, core inflation rose to 5.1 percent from 3.8 percent.

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