German inflation confirmed at 2.2% in November

(Sharecast News) - German inflation was confirmed at 2.2% in November, the federal statistics office said on Tuesday. The figure marked a rise from October's 2%. Core inflation, which excludes volatile food and energy prices, was at 3% in November up from 2.9% in the previous month.

Energy prices in Europe's biggest economy fell 3.7% compared with the previous year, while food prices were up 1.8% year-on-year in November.

"Inflation in November 2024 was particularly fuelled by above-average price increases for services," the statistics office said.

"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."

Reporting by Frank Prenesti for Sharecast.com