By Alexander Sturm and Jörn Bender, dpa
With the cost of energy soaring, Germany saw inflation reach 6.9% in 2022 and remain at 5.9% in 2023, the highest rates since reunification in 1990.
While the yearly figure for 2024 has stabilized at 2.2%, the December estimate follows warning signs earlier in the autumn, with consumer prices rebounding from a low of 1.6% in September.
Services such as restaurant meals, aeroplane tickets and insurance were once again among the drivers of inflation in December, rising by 4.1% compared to the previous year.
Food cost 2% more than in December 2023, while the price of energy fell by 1.7%.
The dampening effect from lower energy prices fell in comparison to November, however, when the figure was 3.7% lower than in 2023.
The core inflation rate – excluding volatile food and energy prices – was calculated at 3.1% in December. The statistic is considered by many economists to be more representative of real inflation.
The European Central Bank’s target for inflation in the eurozone is 2%.
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