February 7, 2024
According to the Federal Statistical Office (Destatis), Germany is expected to experience the lowest inflation level since June 2021 (+2.4%). The inflation rate in January 2024 is anticipated to be +2.9% relative to January 2023. The inflation rate in December 2023 was +3.7%. Based on data provided so far, Destatis predicts that consumer prices will increase by 0.2% for the month of January 2024. Core inflation in January is expected to be +3.4% (December 2023: +3.5%).
Food prices continued to rise at a slower rate (+3.8%) in January 2024 relative to January 2023, but remained higher than the overall inflation rate. However, energy prices were down 2.8% in January 2024 relative to January 2023, despite the discontinuation of the brake on energy prices and the introduction of a higher carbon price in German.
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