Consumer price index, November 2023:
+3.2% on the same month a year earlier (provisional)
-0.4% on the previous month (provisional)
Harmonised index of consumer prices, November 2023
+2.3% on the same month a year earlier (provisional)
-0.7% on the previous month (provisional)
WIESBADEN – The inflation rate in Germany is expected to be +3.2% in November 2023. This is the lowest level since June 2021 (+2.4%). The inflation rate is measured as the change in the consumer price index (CPI) compared with the same month a year earlier. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that consumer prices are expected to decline by 0.4% on October 2023. The inflation rate excluding food and energy, often referred to as core inflation, is expected to be +3.8%.
| Overall index / subindex | Weight | August 2023 | September 2023 | October 2023 | November 20231 |
|---|---|---|---|---|---|
| per thousand | percent | ||||
| 1: Provisional figures. 2: Core inflation. 3: Household energy and motor fuels. | |||||
| Overall index | 1,000 | 6.1 | 4.5 | 3.8 | 3.2 |
| Overall index excluding food and energy2 | 821.41 | 5.5 | 4.6 | 4.3 | 3.8 |
| Services | 503.36 | 5.1 | 4.0 | 3.9 | 3.4 |
| Goods | 496.64 | 7.1 | 5.0 | 3.6 | 3.0 |
| including: | |||||
| Energy3 | 73.90 | 8.3 | 1.0 | -3.2 | -4.5 |
| Food | 104.69 | 9.0 | 7.5 | 6.1 | 5.5 |
The year-on-year drop in energy prices of 4.5% had a particularly dampening effect on the rate of inflation in November 2023. A base effect due to the very high energy price level in the previous year applied here. In addition, food prices (+5.5%) did not rise as much in November 2023 as in the previous months.
