Inflation rate in November 2024 rises to 2.2 percent

Core inflation at 3.0%. Services remain price drivers, energy dampens inflation. Service prices drive inflation to 2.2% in November 2024.

Wiesbaden, December 10, 2024 - The inflation rate in Germany rose to 2.2% in November 2024. This was confirmed by the Federal Statistical Office (Destatis). This means that the price increase has increased further compared to the previous months (October: +2.0%, September: +1.6%). The main reason for the increase continues to be above-average price rises in the services sector.

Services remain the driver of inflation

Prices for services were 4.0% higher in November than in the same month last year. Insurance (+16.6 %), airline tickets (+10.4 %) and restaurant services (+6.7 %) rose particularly sharply. Net rents also rose slightly (+2.1%).

By contrast, prices for telecommunications services fell (-0.9%), although this only had a minor impact on the overall effect.

Energy prices put the brakes on inflation

Prices for energy products fell by 3.7% year-on-year, which dampened inflation. However, the decline was more moderate than in previous months (October: -5.5 %, September: -7.6 %). Consumers continued to benefit from lower costs for heating oil (-12.5 %), electricity (-4.1 %) and fuels (-6.6 %).

District heating was an outlier, with prices rising by a whopping 30.7%!

Moderate rise in food prices

Food prices in November were 1.8% higher than in the same month last year. Edible fats and oils were particularly expensive (+19.1%), including butter (+38.9%) and olive oil (+13.3%). At the same time, there were declines in sugar (-23.0%) and sunflower and rapeseed oil (-7.9%).

Core inflation remains high

Core inflation, which excludes energy and food, stood at 3.0% in November 2024. This shows that inflation in other areas such as services and consumer goods remains above average.

Compared to October 2024, consumer prices fell by 0.2% overall. Seasonal effects such as cheaper airline tickets (-15.2%) and package holidays (-13.2%) contributed to this. Energy prices fell slightly (-0.2%), while food prices remained almost stable (+0.1%).