Germany – Inflation on the retreat
According to the first estimate by the Federal Statistical Office, the inflation rate in Germany fell considerably from 3.8% to 3.2% in November.
Commerzbank Economic Research
November 16 2023
Good news from the Federal Statistical Office: according to its first estimate, the inflation rate in Germany fell significantly again in November. At 3.2%, it was still well above the ECB's target of 2%, but well below the October figure of 3.8% and of course much lower than the peak of almost 9% reached in the fall of last year.
In contrast to what has often been the case in recent months, the price trend for energy and food only played a subordinate role. Inflation rates for both fell comparatively moderately. The biggest contribution to the fall in the rate of inflation came from other goods and services. The so-called core inflation rate – i.e. the annual change in the price index excluding energy and food – fell from 4.3% to 3.8%.