As was reported by the German Federal Statistical Office the German consumer price index will probably increase to 3.0% in November 2007 as compared to November last year. This is the biggest increase since February 1994. Last month the inflation rate had been just 2.4%. These figures are provisional for the time being.
This high inflation rate is influenced to a large extent by increased prices for foodstuffs and alcoholic beverages as well as mineral oil products. Prices for foodstuffs and alcoholic beverages increased by between 0.7% and 1.3% in six Federal Laender over November 2007 as compared to October this year thus surpassing last year´s inflation rate for November by between 3.9% and 7.0%.
With regard to fuel oil, prices increased by between 10.4% and 12.6% on the previous month and by between 21.5% and 25.9% compared to November 2006. Petrol prices increased by between 5.6% and 8.7% and by between 17.9% and 20.0% respectively. Without taking into account the price hikes for fuel oil and fuel the annual inflation rate for Germany amounts to approximately 2.1% with a change of +0.1% on the previous month.
Due to seasonal factors, in November prices fell for package holidays (-6.4%) and for holiday flats (-7.3%). They are, however, still 1.4% and 1.6% higher than last year.
The European harmonized consumer price index for Germany will probably increase by 3.3% in November as compared to November last year and by 0.5% on October this year.