In December, consumer prices in Germany, harmonized with EU standards, increased by 9.6% in annual terms, according to the final data of the Federal Statistical Office of the country (Destatis).

The rate of inflation slowed down from 11.3% in November and became the lowest for the last 4 months.

In monthly terms, deflation of 1.2% was recorded in December after zero price change in November. This is the strongest decline since January 2015.

The dynamics of both indicators coincided with pre-announced data and the average forecasts of analysts surveyed by Bloomberg and Trading Economics.

Consumer prices, calculated according to German standards, increased by 8.6% in December in annual terms and decreased by 0.8% in monthly terms. The dynamics of both indicators also coincided with forecasts and with preliminary data.

Food rose in price by 20.7% relative to December 2021 (in November, price growth was 21.1%), energy – by 24.4% (38.7%).

Excluding food and fuel, consumer prices in Germany increased by 5.2% year-on-year.