On November 29 local time, the German Federal Statistical Office announced the estimated inflation rate in Germany in November. According to the report, the country’s inflation rate in November is expected to be 10%, slightly lower than October’s 10.4%, which is the first time since July this year that Germany’s inflation rate has fallen.
Germany’s Federal Statistical Office said price increases slowed in November. In recent months, high energy and food prices have been pushing up inflation, and the situation in November has not changed fundamentally.
According to preliminary data, energy prices in November were 38.4 percent higher than a year earlier, while food prices were up 21 percent year-on-year. Higher inflation leads to a decline in real purchasing power, and workers’ wages continue to depreciate. Wage earnings in Germany rose by 2.3% in the third quarter from a year earlier, however this increase was offset by higher consumer prices. Adjusted for price developments, real incomes for Germans fell by 5.7 percent year-on-year, the biggest drop since the data began in 2008.
Economists believe that there is no sign of a complete easing of inflation yet. Cramer, chief economist at Commerzbank, said that inflation is likely to fall sharply from next spring, when gas and electricity price curbs will take effect and the impact of energy product prices on inflation will be reduced accordingly. (Headquarters reporter Yu Peng)
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