Germany's inflation decelerated in November, with the annualized figure coming in at 2.3% (forecast 2.3%, last 2.5%), while the month-over-month reading coming in as-expected at 0.1%.
Key quotes (via Statistisches Bundesamt Deutschland)
Consumer prices in Germany were 2.3% higher in November 2018 than in November 2017. As a result, the inflation rate - measured by the consumer price index - weakened slightly (October 2018: + 2.5%). The consumer price index rose by 0.1% in November 2018 compared with October 2018.
The inflation rate continued to be significantly influenced by the price increase for energy products. Energy prices in November 2018 were 9.3% higher than in November 2017.
From November 2017 to November 2018, light heating oil (+40.7%) and motor fuels (+15.0%) were the main drivers. The price trend for other energy products was significantly weaker (for example, central and district heating allocations: + 3.7%, electricity: + 1.0%, gas: -1.4%). Excluding energy prices, the inflation rate would have been +1.4% in November 2018, excluding mineral oil products at +1.4%.
Food prices increased by 1.4% between November 2017 and November 2018. The rise in the price of food has thus further weakened (October 2018: +1.9%) and thus had a dampening effect on the overall inflation.
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