According to the final report from the Federal Statistical Office (Destatis), in November, consumer prices rose by 2.2% per annum, as expected, after an increase of 2.0% per annum in October. The latest reading was the highest since July. Inflation was particularly fuelled by above-average price increases for services. By contrast, the development of energy prices again had a dampening effect on the inflation rate in November, but the effect was less pronounced than in the previous months.
On a monthly basis, consumer prices fell by 0.2%, as expected, after increasing by 0.4% in October. It was the sharpest price drop since November 2023 and the second decline this year.
The data also showed that in November, energy prices fell by 3.7% per year after declining by 5.5% per year in October. Motor fuel prices fell by 6.6% per annum. With regard to household energy, consumers particularly benefited from lower prices for heating oil (only in German) (-12.5%), firewood, wood pellets and other solid fuels (only in German) (-11.8%) and electricity (-4.1%). By contrast, district heating was still considerably more expensive (+30.7%) than a year earlier. Food prices rose by 1.8% per year after an increase of 2.3% per year in October.
Meanwhile, excluding energy prices, the inflation rate stood at +2.9% in November. The CPI excluding energy and food rose by 3.0% per year after increasing by 2.9% in October.
Destatis said that in November, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Germany with inflation in European countries - fell by 0.7% on a monthly basis and rose by 2.4% per annum. In October, HICP rose by 0.4% m/m and by 2.4% per annum.