Inflation in Germany rose for the second month in a row in November, up 2.2% from the same month last year, according to provisional figures from the Federal Statistical Office.
The November increase follows a 2% year-over-year increase in the cost of living recorded in October.
Food and services remain the main drivers of inflation, with consumer prices falling 0.2% from October to November in Europe’s largest economy.
Economists expect Germany’s annual interest rate to rise in the coming months, although it is likely to remain at a moderate level.
None of the experts are predicting inflation as high as in 2022, when energy prices rose after Russia’s full-scale invasion of Ukraine, pushing inflation in Germany to around 9%.
The last two months show a change, with annual inflation reaching its lowest level since February 2021 in September, at 1.6%.
Excluding unchanged energy and food prices, the statistics office estimated inflation at 3% in November. This sharp decline is often seen as a positive sign of rising inflation.
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