The country’s inflation rate in November 2022 was slightly lower than the 10.4-per cent increase observed in October 2022. Furthermore, the consumer prices in November 2022 were down 0.5 per cent as compared to October 2022, as per Destatis
Germany’s inflation rate, measured as the year-on-year (YoY) change in the consumer price index (CPI), increased 10 per cent in November 2022, according to the data by the Federal Statistical Office (Destatis). Energy products prices were 38.7 per cent higher in November 2022 than in the same month a year earlier, despite government’s relief measures.
Energy prices, in particular, increased considerably since the war started in Ukraine and had a substantial impact on the inflation rate. Due to the situation of war and crisis, delivery bottlenecks and price movements at upstream stages in the economic process also had an impact on the inflation rate.
The energy products price increase slowed a little in November 2022, as compared to 43 per cent in October 2022. The main reason for the high prices of energy products in general is the international purchase prices. In addition, the increase in the CO2 charge (from €25 to €30 per tonne), which became effective at the beginning of the year, continued to have an impact on energy product price rises, Destatis further reported.
Excluding energy prices, the inflation rate stood at 6.6 per cent in November 2022. The prices of goods (total) were up 17.1 per cent in November 2022 on the same month of the previous year.
Germany’s energy prices (total) were down 1.2 per cent month on month, but not all energy products cost less.
Fibre2Fashion News Desk (DP)