According to Destatis, in November 2023, consumer prices in Germany, harmonized with European Union standards, increased by 2.3% year-on-year. Thus, inflation slowed down from 3% in October and has updated the minimum since June 2021. It is likely that this may indicate a slowdown in inflationary pressures in the country. It is also worth noting that in November consumer prices fell by 0.7% compared to the previous month, which is the maximum drop since December 2022. In October, the price drop was 0.2%. This may indicate a seasonal decline in prices in November. Particular attention should be paid to core inflation, which does not take into account the cost of food and energy. In November, core inflation slowed to 3.8% in annual terms. This is the minimum rate of increase since August 2022. The cost of food in Germany rose by 5.5% last month, while energy prices fell by 4.5%. The cost of services increased by 3.4%.
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