German inflation decelerates from 70-year high

German inflation decelerates from 70-year high

Germany’s inflation decelerated in November, having come down from the highest reading in more than 70 years in October, the Federal Statistics Office, or Destatis, said Tuesday, confirming first estimate data it published in late November.

The consumer price index rose 10.0% on the year in November after 10.4% in October, measured by national standards, it said. The consumer price index rose by 11.3% on the year measured by EU-harmonized standards, Destatis said.

The inflation rate remains at a high level despite a slight slowdown in energy prices, Georg Thiel, President of Destatis, said in a note.

“We see price increases for more and more other goods, in addition to energy,” he said. “What has become particularly notable for households is the continuing increase in food prices.”

Energy prices were 38.7% higher in November than in the same month a year earlier, despite the German government’s relief measures, but the price increase slowed compared with October when they were up 43.0% on the year, Destatis said.

Food prices rose 21.1% in November compared with November 2021, Destatis said.

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