Germany’s inflation rate rose for the second consecutive month in November, climbing 2.2% above the level of the same month last year, according to provisional figures from the Federal Statistical Office.
The November increase follows a 2% year-on-year increase in the cost of living registered in October.
Food and services remain the main drivers of price increases, while consumer prices fell by 0.2% from October to November in Europe’s largest economy.
Economists expect Germany’s annual inflation rate to keep rising in the coming months, although it is likely to remain at a comparatively moderate level.
None of the experts is predicting an inflation wave like in 2022, when energy costs surged following the full-scale Russian invasion of Ukraine, pushing Germany’s inflation rate up to almost 9%.
The last two months mark a reversal, after annual inflation reached its lowest point since February 2021 in September, at 1.6%.
Excluding the volatile prices for energy and food, the statistical office calculated an inflation rate of 3% for November. This core inflation rate is generally considered a better reflection of inflation trends.
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