Germany's inflation rate, measured by the Consumer Price Index (CPI), climbed to 2.2 per cent in November 2024, up from 2.0 per cent in October, marking its highest level in three months, according to the Federal Statistical Office (Destatis). The increase was fuelled by above-average price rises in services, which surged 4.0 per cent year-on-year. Energy prices eased their downward pressure on inflation, declining 3.7 per cent annually, a smaller drop than October's 5.5 per cent decline. While electricity prices fell 4.1 per cent, district heating remained 30.7 per cent more expensive than a year ago. Food prices rose 1.8 per cent year-on-year, but the pace of increase slowed from October's 2.3 per cent. Notably, butter prices jumped 38.9 per cent, while sugar prices dropped sharply by 23.0 per cent. Core inflation, which excludes food and energy, remained elevated at 3.0 per cent. Attribution: Destatis Subediting: M. S. Salama
