German consumer price growth stabilised in November

According to the report from Federal Statistical Office (Destatis), consumer prices in Germany were up 1.1% in November 2019 compared with November 2018. Destatis also reports that the inflation rate - as measured by the consumer price index - had stood at +1.1% in October 2019, too. Compared with October 2019, consumer prices decreased markedly by 0.8% in November 2019.

Energy product prices fell 3.7% from November 2018 to November 2019. This was an even larger decline in energy prices than in the months before (October 2019: -2.1%; September 2019: -1.1%). Especially the price development of mineral oil products had a downward effect on the inflation rate in November 2019.  There was an above-average increase in food prices of 1.8% in November 2019 year on year. The prices of goods (total) were only 0.1% higher in November 2019 than in the same month a year earlier. Service prices rose much more (+1.8%) than goods prices (+0.1%) from November 2018 to November 2019. 

Compared with October 2019, the consumer price index fell by 0.8% in November 2019. A major reason for the decrease were the seasonally lower package holidays prices (-28.1%). Prices of energy (total) fell slightly by 0.1%. Food prices (total) were up 0.5% in November 2019 month on month. Higher prices than in October 2019 were observed for food (+1.9%) and edible fats and oils (+1.5%), for example.