German consumer price index growth accelerated in November

According to the report from the Federal Statistical Office (Destatis), compared with the preceding month October the overall index increased by 0.2% in November 2020 (+0.1% in October). Economists had expected a 0.1% increase. in November 2020, the index of producer prices for industrial products decreased by 0.5% compared with the corresponding month of the preceding year. In October the annual rate of change all over had been –0.7%. 

Energy prices as a whole decreased by 2.7% compared to November 2019 but increased by 0.4% compared to October 2020. On an annual basis, prices of petroleum products were down 16.7%, prices of natural gas (distribution) decreased by 5.2%. Electricity prices increased by 1.6%.

The overall index disregarding energy was 0.3% up on November 2019.

Prices of intermediate goods increased by 0.2% compared to November 2019. Prices of non-durable consumer goods decreased by 0.7% compared to November 2019. Food prices decreased by 1.6%. Pork prices were down 21.5%. Prices of capital goods increased by 0.8% compared to November 2019, durable consumer goods by 1.5%.