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.

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)