The inflation rate in Germany is increasing again at the end of the year: while it was still at +2.0% in October 2024, an increase of 2.2% was now calculated for November. This emerges from a current study by the Federal Statistical Office. Above all, the price increases for services are driving up inflation, while the price developments for energy are dampening the inflation rate. Compared to the previous month, consumer prices fell by 0.2% in November 2024.
Core inflation, which excludes food and energy inflation, was +3.0% in November 2024, with energy +2.9%. According to Destatis, both indicators have been significantly above overall inflation since January 2024, making it clear that inflation in other important goods areas was above average. Services rose in price by around 4.0%, while goods rose by 0.7%.
