The prices of goods (total) were up 0.7 per cent YoY in November 2024. The increase in prices for non-durable consumer goods was +0.8 per cent, larger than prices for durable consumer goods which was +0.5 per cent.
The development of energy prices again had a dampening effect on the inflation rate in November, but the effect was less pronounced than in the previous months, said Destatis in a press release.
The prices of energy products in November 2024 were 3.7 per cent lower compared with the same month a year earlier. Following a drop of 5.5 per cent in October and a 7.6 per cent drop in September 2024, the decline in prices has therefore continued to slow. Motor fuel prices were down -6.6 per cent YoY in November 2024.
Excluding energy prices, the inflation rate stood at +2.9 per cent in November 2024. The inflation rate excluding food and energy, often referred to as core inflation, was +3.0 per cent in November 2024. Both rates have notably exceeded overall inflation since January 2024, thereby demonstrating that inflation was above average in other important product groups, said the press release.
ALCHEMPro News Desk (SG)
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