Food prices in Germany were 1.8% higher in November 2024 than in the corresponding period a year ago, new data from Destatis, the federal statistics office, has found.
While this is lower than the year-on-year price increase in October, of +2.3%, certain categories have seen a marked price rise.
Butter prices were 38.9% higher in November 2024 compared to November 2023, while olive oil was 13.3% higher. Sunflower oil and rapeseed oil were 7.9% lower.
Chocolate prices were 9.5% higher, however sugar prices have seen a significant drop, down 23.0% year-on-year. Elsewhere, the price of non-alcoholic beverages rose by 6.6%.
Month-On-Month Prices
On a month-on-month basis, meanwhile, food prices remained stable (+0.1%), with notable changes for butter (+2.7%) and sugar (-4.4%).
In addition, prices for clothing and shoes (+0.6%) rose in November 2024, compared to the previous month, according to the data.
Annual Inflation Rate
Overall, the annual inflation rate in Germany stood at 2.2% for the month, up from 2.0% the previous month. On a month-on-month basis, consumer prices fell by 0.2%.
The rise in inflation was primarily driven by above-average price increases in services, however declining energy prices helped ease the burden on consumers – energy prices were 3.7% lower than in the corresponding period a year earlier.
Services prices rose by 4.0%, with insurance services seeing prices rise 16.6%, airline tickets rising 10.4%, catering services 6.7% more expensive and net rents rising by 2.1%.
'In November 2024, the inflation rate excluding energy was +2.9%,' Destatis said. 'The inflation rate excluding food and energy, often referred to as core inflation, was +3.0% in November 2024. Both indicators have been significantly higher than overall inflation since January 2024, thus showing that inflation in other important goods sectors was above average.'
