The annual inflation rate in Germany rose marginally in November 2024, to 2.2%, compared to 2.0% in October, new data from the federal statistics office, Destatis, has found.
According to the statistics body, the rise in inflation was largely driven by an increase in services – the services sector saw prices 4.0% higher than in the corresponding period a year ago – however energy prices were down, by 3.7%.
On a month-on-month basis, consumer prices fell by 0.2% in November 2024 compared to October 2024.
Energy prices
Within the energy sector, while the annual price decline was smaller than the decreases reported in October, of 5.5%, and September, of 7.6%, significant price reductions were observed for light heating oil, which dropped by 12.5%, and for solid fuels like firewood and pellets, which declined by 11.8%.
Electricity prices were also 4.1% lower than a year ago. However, these decreases were offset in part by a notable increase (30.7%) in the price of district heating costs, Destatis noted.
Food prices
Food prices, meanwhile, increased by 1.8% compared to November 2023, although the rate of increase slowed compared to the 2.3% rise seen in October.
Within this category, however, certain categories have seen a notable price rise, with butter 38.9% higher and olive oil 13.3% higher. Sunflower oil and rapeseed oil were 7.9% lower, however.
Elsewhere, sugar prices dropped by 23.0%, although chocolate saw a 9.5% price increase.
Also within the consumer goods segment, tobacco products were 6.8% more expensive, and the price of non-alcoholic beverages rose by 6.6%. On the other hand, furniture and lighting costs decreased by 0.8%.
Services sector
Within the services sector, key contributors to inflation included insurance, which rose by 16.6%, with transport insurance alone climbing 34.5%.
Elsewhere, airline tickets rose by 10.4%, and services provided by social institutions increased by 8.0%. Catering services were 6.7% more expensive, and net rents grew by 2.1%, slightly below the overall inflation rate.
Month on month
The month-on-month decline in consumer prices was influenced in part by seasonal factors, including a drop in airline ticket prices, which fell by 15.2%, and package holiday costs, which declined by 13.2%.
Energy prices fell slightly, by 0.2%, while food prices remained largely stable, increasing by just 0.1% compared to October, with noticeable fluctuations such as a 2.7% rise in butter prices and a 4.4% decrease in sugar costs. Read more here.
