According to preliminary figures from the Federal Statistical Office, German inflation rose for the second month in a row in November, reaching 2.2% above the level of the same month last year.
The November increase follows a 2% year-on-year increase in the cost of living recorded in October.
Food and services remain the main drivers of price increases, while consumer prices in Europe’s largest economy fell 0.2% from October to November.
Economists expect annual inflation in Germany to continue rising in the coming months, although it is likely to remain at relatively moderate levels.
None of the experts predict an inflation wave like in 2022, when energy costs soared after Russia’s massive invasion of Ukraine, pushing German inflation to almost 9%.
The past two months mark a turnaround after annual inflation hit its lowest point since February 2021 in September at 1.6%.
Excluding volatile energy and food prices, the statistics office calculated an inflation of 3% for November. This core inflation figure is widely considered to better reflect inflation trends.
