German inflation slows to lowest pace since mid-2021
January 31, 2024
German consumer prices rose 2.9% annually in January, down from 3.7% in December, according to preliminary data from federal statistics agency Destatis released on Wednesday.
The data office said it is the lowest figure since June 2021, when the consumer price index (CPI) rose 2.4%.
Energy cost 2.8% less in January than the previous year.
The cost of food increased by 3.8% year-on-year in January, lower than the 4.5% recorded in December and 5.5% in November.
Survey data released on Wednesday by the Munich-based Ifo Institute economic research group indicated that many consumer-facing companies in Germany plan to raise prices next year.
“Inflation is therefore expected to fall only slowly in the coming months,” said ifo director of economic research Timo Wollmershäuser.
More to follow…
bass/wmr (dpa, afp)
Source: DW
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.