Germany's monthly inflation more than expected in December

Germany's monthly inflation more than expected in December

Annual inflation at 2.2% in 2024

By Mucahithan Avcioglu

ISTANBUL (AA) - Monthly inflation in Germany was at 0.5% in December, slightly more than preliminary data of 0.4%, according to official data released by Destatis on Thursday.

This increase was due to seasonal factors such as prices for travel, including package holidays, which jumped 9.2% in December.

In addition, rail prices for journeys rose in December as part of the annual price adjustment, with prices for long-distance transport and local transport increasing 4.2% and 3% respectively.

Annually, consumer prices climbed 2.2% in 2024 compared to 2023, which confirmed the preliminary results published on Jan. 7

Consumer prices in 2024 were significantly lower than in the three previous years. The annual average was 5.9% in 2023, 6.9% in 2022 and 3.1% in 2021.

Prices for insurance, social institutions, restaurant services and vehicle maintenance and repair also contributed to the rise, up 13.2%, 7.8%, 6.8% and 6.1% year-on-year, respectively.

Core inflation, which excludes energy and food prices, rose to 3.0% in 2024 after a 5.1% rise in 2023 and 3.8% increase in 2022.



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