Inflation in Germany eased slightly in November, mainly due to slightly lower energy costs. According to preliminary data from Germany’s federal statistics agency Destatis, inflation based on the harmonized European measurement method was 11.3% year-on-year, up from 11.6% a month earlier.
Based on the calculation method of Destatis, an inflation rate of 10% was measured. In October, there was still a record high of 10.4 percent. Energy prices have risen less sharply than before, which therefore has a dampening effect on inflation in Europe’s largest economy and the Netherlands’ most important trading partner, the statistics office said. It was previously announced that prices in Belgium and Spain were also rising less rapidly than before.
European data on the Netherlands
The European statistics office is due to release new inflation data on Wednesday. There, inflation in the eurozone is expected to be 10.4%, up from 10.6% a month earlier. The Central Bureau of Statistics (CBS) will also release new data. According to the European measurement method, Dutch inflation was 16.8% in October.
The question now is whether inflation in Europe has peaked. European Central Bank (ECB) President Christine Lagarde warned earlier this week that inflation is unlikely to have peaked yet. The ECB recently raised interest rates sharply against high inflation. The central bank may hike interest rates less aggressively at its December meeting.