German inflation holds steady in November, but core inflation eases

(Sharecast News) - Inflation in Germany held steady in November, according to final estimates from the Federal Statistical Office on Friday, matching preliminary numbers.

The year-on-year change in the consumer price index was 2.3% last month, in line with October and down from 2.4% in September, Destatis reported.

"As the end of year approaches, the development of consumer prices has stabilised for now", said Ruth Brand, president of the Destatis.

Services inflation continues to prop up overall prices, remaining elevated at 3.5% in November, with strong increases registered across passenger transport, social facilities and package holidays.

However, food inflation slowed to a 10-month low of 1.2% in November, down from 1.3% the month before and below the long-run average.

Meanwhile, energy prices slipped 0.1% on last year, with deflation easing significantly from the 0.9% drop reported in October.

Excluding the more volatile food and energy items, core inflation slipped to 2.7% in November from 2.8% in October.