2024-10-11 09:00:10
Economy
Inflation
Business

Germany's Inflation Hits Three-Year Low Amid Economic Challenges

In September, Germany's inflation rate fell to 1.6%, marking the lowest level in over three years. This decline is largely attributed to a significant reduction in energy prices, which were 7.6% cheaper compared to the previous year. However, the cost of food increased by 1.6%, and services became 3.8% more expensive due to high wage settlements.

The European Central Bank responded to the changing economic landscape by lowering the key interest rate to stimulate the economy and support the declining inflation. Despite these measures, consumers have faced a loss in purchasing power, primarily driven by the energy crisis and the rising costs of food items like butter and olive oil.

Germany is currently in a recession, and the government has revised its economic forecast for 2022 into negative territory. Given these circumstances, private consumption remains a crucial hope for economic recovery. Economists anticipate that inflation will stay below 2% initially but might rise towards the end of the year as the effect of falling energy prices wanes.

The Statistical Office of Germany confirmed these figures, highlighting that while energy costs have decreased, other areas such as district heating and various food items have seen prices surge. The overall economic environment is challenging, but there is cautious optimism that private consumption could help steer Germany towards a more stable economic path.

gmx
11. Oktober 2024 um 06:38

Inflation rate at lowest level in over three years

Economy
Finance
The inflation rate in Germany fell to 1.6% in September, the lowest level in over 3 years. Energy products were 7.6% cheaper, while food prices were 1.6% higher. Core inflation was 2.7%. Services became 3.8% more expensive due to high wage settlements. The ECB lowered the key interest rate to support the declining inflation. Consumers have lost purchasing power due to the energy crisis and rising food prices. Private consumption is an important hope for the German economy, which is in recession...
zeit
11. Oktober 2024 um 07:16

Federal Statistical Office: Inflation rate falls to lowest level in over three years

Economy
Environment
Finance
The Federal Statistical Office confirmed the preliminary estimate: the inflation rate in Germany fell to 1.6% - the lowest level in over 3 years. Energy products such as fuels, heating oil, wood, electricity and natural gas were on average 7.6% cheaper than the previous year. Price declines in energy, but services (+3.8%) and food (+1.6%) were significantly more expensive. Core inflation excluding energy and food fell to 2.7%. The European Central Bank (ECB) lowered the key interest rate to make..
tz
11. Oktober 2024 um 06:37

Inflation rate at its lowest level in over three years

Economy
Environment
Finance
Inflation rate 1.6% in September, lowest level since 2021; Energy products such as fuels, heating oil, wood, electricity and natural gas significantly cheaper; Food products such as olive oil and butter significantly more expensive; Services much more expensive due to high wage agreements; European Central Bank lowered key interest rate due to falling inflation; German economy is in recession, economic forecast has been lowered; Consumers have lost purchasing power due to the energy crisis and..
CW

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