Germany confirms its lowest inflation rate since 2021, with 3.2% in November

MADRID, 8 Dic. (EUROPA PRESS) -

The German Consumer Price Index (CPI) stood at 3.2% in November, which represents six tenths less than the 3.8% in October and the smallest year-on-year increase in prices since June 2021, according to The Federal Statistics Office (Destatis) confirmed this Friday.

"The inflation rate has slowed for the fifth consecutive month," highlighted Ruth Brand, president of Destatis, noting that in October and November 2023 many energy products cost less than a year before.

"The price situation here has clearly improved," Brand stressed, adding that the year-on-year rate of increase in food prices has also continued to slow, "but remains noticeably higher than overall inflation."

Thus, the substantial slowdown in the rise in prices in November compared to the same month last year responds to the greater drop in the cost of energy, with a decline of 4.5%, compared to 3.2% in the month. previous, while food became more expensive by 5.5% from 6.1% last month.

Likewise, services would have increased by 3.4% annually in November, half a percentage point less than in October, while goods would have increased their cost by 3%, compared to 3.6% in October.

Thus, excluding the impact of food and energy from the calculation, Germany's core inflation would have stood at 3.8%, which is five tenths less than in October.

In turn, the harmonized inflation figure, used by Eurostat in its statistics, would have been 2.3%, compared to 3% in October, also at its lowest since 2021.