Based on the results available so far, consumer prices are expected to decline by 0.8 per cent compared with November 2022. The annual average inflation rate is expected to stand at 7.9 per cent in 2022, as per Destatis.

Germany’s inflation rate is expected to be at 8.6 per cent up in December 2022, compared to the same month of the previous year, as per the provisional data by Destatis. Due to immediate assistance, the inflation rate in December is estimated to be significantly lower than in the previous months, with 10 per cent in November and 10.4 per cent in October.

Energy and food prices, in particular, increased considerably since the war started in Ukraine and had a substantial impact on the inflation rate. However, the federal one-off payment in December 2022 to cover the monthly instalment for gas and heat had a downward effect on prices.

Fibre2Fashion News Desk (DP)