Financial News: German Inflation Unrevised At 11-Month High

German Inflation Unrevised At 11-Month High

(RTTNews) - Germany's consumer price inflation accelerated as initially estimated in December to the highest level in nearly a year, according to final data from Destatis revealed Thursday.

The consumer price index rose 2.6 percent in December, faster than the 2.2 percent increase in November. That was in line with the flash data published on January 7.

Further, this was the highest inflation rate since January, when prices had risen 2.9 percent.

Meanwhile, EU-harmonized inflation held steady at 2.8 percent in December as the rate for November was revised upwardly from 2.4 percent.

In December, the price declines for energy in particular continued to weaken and dampened the inflation rate to a lesser extent, the agency said.

The annual price decline in energy products softened to 1.6 percent in December from 3.7 percent in November. Prices for goods grew 1.4 percent from last year, and those for services continued to increase above average by 4.1 percent.

Food prices were 2.0 percent more expensive compared to last year. Excluding food and energy, core inflation stood at 3.3 percent in December.

On a monthly basis, consumer prices rose 0.5 percent in December, revised upwardly from 0.4 percent, and the HICP also climbed by 0.7 percent.

The average annual inflation rate for the year 2024 was 2.2 percent, down significantly from 5.9 percent in 2023, as estimated.

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