PressInflation rate at +2.2% in November 2024 in Germany

Consumer price index, November 2024
+2.2% on the same month a year earlier (provisional result confirmed)
-0.2% on the previous month (provisional result confirmed)

Harmonised index of consumer prices, November 2024
+2.4% on the same month a year earlier (provisional result confirmed)
-0.7% on the previous month (provisional result confirmed)

WIESBADEN −The inflation rate in Germany, measured as the year-on-year change in the consumer price index (CPI), stood at +2.2% in November 2024. This means that the inflation rate increased again. It stood at +2.0% in October 2024 after having remained below the two-percent mark for two months (September 2024: +1.6%; August 2024: +1.9%). The Federal Statistical Office (Destatis) also reports that inflation in November 2024 was particularly fuelled by above-average price increases for services. By contrast, the development of energy prices again had a dampening effect on the inflation rate in November 2024, but the effect was less pronounced than in the previous months. Compared with October 2024, consumer prices were down 0.2% in November 2024.

Energy product prices fell by 3.7% compared with November 2023

The prices of energy products in November 2024 were 3.7% lower compared with the same month a year earlier. Following a drop of 5.5% in October and a 7.6% drop in September 2024, the decline in prices has therefore continued to slow. Motor fuel prices (-6.6%) were down in November 2024 from a year earlier. With regard to household energy, consumers particularly benefited from lower prices for heating oil (only in German) (-12.5%) and firewood, wood pellets and other solid fuels (only in German) (-11.8%). Electricity (-4.1%) also cost less than in November 2023. By contrast, district heating was still considerably more expensive (+30.7%) than a year earlier.

Food prices up 1.8% on November 2023

Food prices in November 2024 were 1.8% higher than in the same month a year earlier. However, the rise in food prices slowed year on year, after a 2.3% increase was registered in October 2024. Compared with November 2023, notable price increases for edible fats and oils were also recorded in November 2024 (+19.1%, including butter (only in German): +38.9%; olive oil: +13.3%%, but sunflower oil, rapeseed oil and the like: -7.9%). Consumers also had to pay more than a year earlier for sugar, jam, honey and other confectionery (+3.1%) in November 2024. There was a significant increase in chocolate prices (+9.5%), whereas sugar prices dropped considerably (-23.0%).

Inflation rate excluding food and energy at +3.0%

Excluding energy prices, the inflation rate stood at +2.9% in November 2024. The inflation rate excluding food and energy, often referred to as core inflation, was +3.0% in November 2024. Both rates have notably exceeded overall inflation since January 2024, thereby demonstrating that inflation was above average in other important product groups.

Service prices saw above-average increase of 4.0% year on year

Compared with the same month of the previous year, the prices of services (total) were up 4.0% in November 2024, and therefore continued to be well above overall inflation. In October 2024, the year-on-year rate of increase in service prices also stood at +4.0%. In the period from November 2023 to November 2024, price increases were recorded, in particular, for insurance services (+16.6%, including transport insurance (only in German): +34.5%), air tickets (+10.4%), services of social facilities (+8.0%) and catering services in restaurants, cafés and the like (+6.7%). Significant price rises were also observed for in-patient health services (+6.1%), the maintenance and repair of vehicles (+5.6%), and water supply and miscellaneous services relating to the dwelling (+4.6%), for instance. Net rents exclusive of heating expenses also continue to be a major factor contributing to the development of service prices. At +2.1%, the rate of price increase was slightly below the inflation rate. By contrast, only few services cost less than in the same month a year earlier, for example telecommunications services (-0.9%).

Prices of goods up 0.7% on November 2023

The prices of goods (total) were up 0.7% in November 2024 compared with November 2023. The price increase observed for non-durable consumer goods (+0.8%) was somewhat larger than for durable consumer goods (+0.5%). Aside from the increase in food prices (+1.8%), individual products were markedly more expensive, particularly tobacco products (+6.8%) and non-alcoholic beverages (+6.6%). By contrast, lower prices were recorded not only for energy (-3.7%) but also for furniture and lighting equipment (-0.8%), for example.

Prices (total) down 0.2% month on month

Compared with October 2024, the consumer price index fell by 0.2% in November 2024. Due to the season, lower prices were registered for air tickets (-15.2%) and package holidays (-13.2%), in particular. The prices of energy (total) fell by 0.2%; heating oil, in particular, became less expensive (-1.9%). Food prices (total) remained virtually unchanged (+0.1%) compared with the previous month. However, the price increase for butter (only in German) (+2.7% compared with October 2024) and the decline in the price of sugar (only in German)(-4.4% compared with October 2024) were notable food price movements. Furthermore, price increases were observed in November 2024 for clothing and footwear (+0.6%), for example.

Source: DESTATIS
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