According to provisional figures from the German Federal Statistical Office, Germany’s inflation rate rose for the second consecutive month in November, rising 2.2% compared to the same month last year.
The November increase follows a 2% increase in the cost of living registered in October compared to the previous year.
Food and services remain the main driver of inflation, with consumer prices in Europe’s largest economy falling 0.2% from October to November.
Economists expect Germany’s annual inflation rate to continue to rise in the coming months, although it is likely to remain relatively moderate.
No expert is predicting an inflationary wave like the one in 2022, when Germany’s inflation rate soared to nearly 9% due to a surge in energy costs following Russia’s full-scale invasion of Ukraine.
The past two months mark a reversal in annual inflation after reaching 1.6%, the lowest since September 2021.
The National Statistical Office estimated the inflation rate in November to be 3%, excluding highly volatile energy and food prices. This core inflation rate is generally considered to better reflect inflation trends.
