Germany's Federal Statistical Office (Destatis) announced on Tuesday the
country’s consumer price index (CPI) is estimated to decline 0.5 percent m-o-m
in November after rising 0.9 percent m-o-m in October. This would be the first
monthly drop since November 2021 (-0.2 percent m-o-m).
On the y-o-y basis, Germany’s CPI is seen to soar 10.0 percent in November,
following a 10.4 percent jump in the previous month. This would mark the first deceleration in the annual
CPI in four months.
Economists had expected inflation would drop 0.2 percent m-o-m but climb
10.4 percent y-o-y in November.
According to the report, services costs increased 3.7 percent y-o-y in November,
deteriorating from 4.0 percent y-o-y in the
previous month, and energy prices surged 38.4 percent y-o-y this month, slowing sharply from 43.0 percent y-o-y in October.
Meanwhile, food prices soared 21.0 percent y-o-y, accelerating from 20.3 percent y-o-y in October.
Meanwhile, the harmonized index of consumer prices for Germany (HICP),
which is calculated for European purposes, is seen to be flat m-o-m and to jump 11.3
percent y-o-y. Economists
had foreseen gains of 0.1 percent m-o-m and 11.3 percent y-o-y.