In November 2022, an inflation rate of +10.0% is anticipated—a modest decline from the previous month.
In November 2022, inflation in Germany is projected to be +10.0%.
The consumer price index (CPI) change from the same month a year ago is used to calculate the inflation rate.
Europe Continues to Struggle with Rising Inflation Rate
The inflation rate was 10.4% in October 2022. The Federal Statistical Office (Destatis) also states that consumer prices are anticipated to decrease by 0.5% compared to October 2022 based on the results that are currently available.
Despite a tiny decline to 10% in November, according to official data released on Tuesday, Europe’s largest economy continues to struggle with soaring costs.
The Federal Statistical Office reported that the growth in energy prices over a year ago dropped to 38.4% from 43% a month earlier, which brought the annual inflation rate down from its peak of 10.4%, set in October. However, the increase in food costs continued unabated, ticking up to 21% from 20.3%.
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German Economy
Thanks to consumer expenditure, the German economy expanded by 0.4% between July and September compared to the previous quarter. However, it is still anticipated to contract in both the current fourth quarter and the first three months of 2019.
According to different data released by the statistical office on Tuesday, real earnings in Germany decreased by 5.7% in the third quarter compared to the same period the previous year. It claimed that an 8.4% increase in consumer prices more than offset the value of a 2.3% gain in nominal incomes. It was the fourth quarter in a row that real wages had decreased.
In order to address the effects of rising prices while averting an inflationary cycle, Chancellor OIaf Scholz has worked with companies and unions to develop solutions.
The largest industrial union in Germany reached a pay agreement with employers in mid-November. As a result, millions of workers will receive raises totaling 8.5% over the course of two years as well as one-time payments intended to offset the impact of inflation.
