Germany's annual inflation stable at 2.3% in November

ISTANBUL

Germany's annual inflation rate remained unchanged at 2.3% in November from the previous month, according to an official preliminary estimate released Friday.

Inflation fell below market expectations of 2.4% in November.

Above-average increases in service and food prices pushed inflation higher, by 3.5% and 1.2%, respectively.

Food inflation has slowed from 1.3% in October, according to the Federal Statistical Office (Destatis).

Energy prices continued to see a decline in November, falling 0.1% year-on-year, albeit at a slower rate than in October's 0.9%.

Inflation rose 2.4% in October and September, up from 2.2% in August and 2% in July and June, the lowest level since October last year.

CPI figures were 2.1% in May and April and 2.2% in March, down from a 14-month high of 2.6% last December.

In November, the annual inflation rate excluding food and energy, also referred to as core inflation, fell to 2.7% from 2.8% in October on an annual basis.

On a monthly basis, consumer prices declined 0.2% in November, reversing the previous month's 0.3% rise and matching market expectations.