Germany's inflation rate steady at 2.2% in April 2024

Despite the removal of the energy price brake and the introduction of a higher carbon price from January 2024, energy prices in April 2024 were lower than in the same month the previous year. This trend persisted even with the higher costs associated with fossil fuels.

Excluding energy prices, the inflation rate was 2.6 per cent in April 2024. Core inflation, which excludes both food and energy prices, stood at 3 per cent. This rate indicates that inflation in other significant product groups has exceeded the overall inflation rate. Although the YoY change in the consumer price index excluding food and energy has slightly decreased (March 2024: 3.3 per cent, February and January 2024: 3.4 per cent each), it has consistently been higher than the overall inflation rate since January 2024, as per Destatis.

The prices of goods in total increased by 1.2 per cent from April 2023 to April 2024, which is below the overall inflation rate. Specifically, non-durable consumer goods saw a price increase of 1.1 per cent, while durable consumer goods prices rose by 1.4 per cent.

From March 2024 to April 2024, the consumer price index rose by 0.5 per cent. During the same period, energy prices increased by 2.2 per cent month-on-month (MoM).

Fibre2Fashion News Desk (DP)