German CPI climbs to 1.5% in November
Germany’s statistics office, Destatis, has today revealed annual German consumer price inflation (CPI) increased to the highest rate in two years in November, rising to 1.5%, from 1.3% in October.
This represented the highest rate since October 2008.
Meanwhile, on a monthly basis, prices rose 0.1%.
German inflation is still well below the target of 2% and is used for setting monetary policy. In comparison, the inflation rate for the euro zone as a whole, currently stands at 1.9%.
In related news this week, the Economy Ministry revealed German industrial production rose by 2.9% in October – almost treble the 1% economists had expected.
Economists described it as “a good start to the fourth quarter”.
The figures indicate that Germany continues to drive the recovery of the euro zone after experiencing record economic growth.