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Financial News: Germany Inflation Slows As Estimated In December

Germany Inflation Slows As Estimated In December

01/17/2023 - 06:08:00 (RTTNews)

(RTTNews) - Germany consumer price inflation eased as initially estimated in December on government relief measures, final data published by Destatis showed Tuesday.

The consumer price index rose 8.6 percent year-on-year, following a 10.0 percent rise in November. The rate came in line with the preliminary estimate published on January 3.

Driven by the third relief package, energy inflation sharply eased to 24.4 percent from 38.7 percent in the previous month. At the same time, food prices were up 20.7 percent as higher prices were seen in all food groups.

Excluding prices of food and energy, the inflation rate would have been 5.2 percent in December, Destatis said.

Overall goods prices increased 13.9 percent in December and services cost climbed 3.9 percent. As initially estimated, consumer prices fell 0.8 percent from November, following a 0.5 percent drop.

Inflation, based on the harmonized index of consumer prices, slowed to 9.6 percent from 11.3 percent in November. Month-on-month, the HICP was down 1.2 percent after staying flat in November.

Both monthly and annual rates matched the preliminary estimate.

Consumer price inflation averaged 7.9 percent in 2022 compared to 3.1 percent in 2021. Excluding energy and food, inflation was 4.0 percent, which is just about half the overall inflation rate.

"The historically high year-on-year inflation rate was mainly driven by the extreme price rises for energy products and food since war started in Ukraine", Ruth Brand, the new President of Destatis said.

The unusually high monthly inflation observed in 2022 was partly mitigated through relief measures, Brand added.

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