German Inflation Confirmed At 2.3%

(RTTNews) - Germany's consumer price inflation remained unchanged in November, as initially estimated, but EU harmonized inflation accelerated, Destatis said Friday.

The consumer price index rose 2.3 percent year-on-year, the same as in October. The statistical office confirmed the estimate published on November 28.

"The increase in service prices continues to drive up inflation," Destatis President Ruth Brand said. "On the other hand, the development of energy and food prices has had a downward effect on inflation in November also," Brand.

The core inflation, which excludes prices of food and energy, slowed to a three-month low of 2.7 percent, as estimated, from 2.8 percent.

The harmonized index of consumer prices or HICP, which is used for EU comparison purposes, rose 2.6 percent year-on-year following a 2.3 percent increase in October. Food price inflation edged down to 1.2 percent in November and it continued to increase at a below-average rate. At the same time, services inflation held steady at 3.5 percent. The CPI decreased 0.2 percent from October, when prices rose 0.3 percent. The final figure matched the preliminary estimate.

Likewise, the HICP was 0.5 percent lower from October, when it rose 0.3 percent. The HICP rate also came in line with the estimate.