Germany's consumer prices rise 7.9% in 2022: Destatis

Compared with November 2022, the consumer price index fell by 0.8 per cent in December 2022. A major reason was the decrease in energy prices by 11.6 per cent on a month earlier.

The monthly inflation rates were high through the entire year of 2022 and reached the 10-per cent threshold in September. The highest rate was measured in October 2022 (10.4 per cent), as per Destatis.

The prices of energy products were markedly up by 34.7 per cent in 2022 year on year, following a 10.4 per cent increase in 2021. Excluding energy prices, the YoY rate of price increase in 2022 would have been only 4.9 per cent.

In 2022, the prices of goods (total) were up 13.5 per cent on an annual average, compared to 2021, mainly due to higher prices of non-durable consumer goods (18 per cent), including energy products. Price increases of 5.3 per cent were observed for durable consumer goods.

In December 2022, it was notable that the rise in energy prices slowed to 24.4 per cent after amounting to 38.7 per cent in November 2022. Energy prices, however, did not go down and were 27.2 per cent higher in December than a year earlier.

Excluding food and energy prices, the inflation rate of December 2022 would have been 5.2 per cent. Excluding energy prices, the inflation rate would have stood at 6.8 per cent.

The prices of goods (total) were up 13.9 per cent in December 2022 on the same month of the previous year.

Fibre2Fashion News Desk (DP)