June 24, 2024

Deabruak

The business lovers

German EU-harmonised consumer prices up 11.3% y/y in November By Reuters

German EU-harmonised consumer prices up 11.3% y/y in November By Reuters


© Reuters. FILE PHOTO: Customers at the Edeka grocery store buy pasta, as the spread of coronavirus disease (COVID-19) continues in Duesseldorf, Germany, April 29, 2020. REUTERS/Wolfgang Rattay/File Photo GLOBAL BUSINESS WEEK AHEAD

BERLIN (Reuters) -German consumer prices, harmonised to compare with other European Union countries, rose by 11.3% on the year in November, preliminary data from the Federal Statistics Office showed on Tuesday, in line with forecasts by analysts polled by Reuters.

October saw the highest reading since comparable data going back to 1996 with harmonized inflation up 11.6% on the year.

Compared with October, prices were unchanged, the office added. Analysts had forecast a 0.1% month-on-month rise.

The annual increase was due to higher costs for food and energy, which have grown considerably since the war in Ukraine began and have had a substantial impact on inflation, said the office.

Energy prices eased slightly in November but were still up 38.4% compared with the same period last year, while food prices had similarly increased by 21%, according to the office.

A one-off payment of household energy bills in December and a planned price cap on gas and electricity has stabilized consumer sentiment, but the Bundesbank has warned that it may not be enough to bring inflation down from the double digits.