By Emese Bartha
Germany's annual inflation rate moderated in December, driven by lower energy costs, the Federal Statistical Office, or Destatis, said Tuesday, confirming its preliminary data published earlier in January.
The consumer price index moderated to 8.6% in December from 10% in November, measured according to national standards, Destatis said. The consumer price index, measured according to EU-harmonized standards, rose by 9.6% on the year in December, a slower pace compared with November's 11.3% increase.
Consumer prices rose by 7.9% in 2022 on an annual average compared with 2021, Destatis said, also confirming its preliminary data.
"The historically high year-on-year inflation rate was mainly driven by the extreme price rises for energy products and food since war started in Ukraine," said Ruth Brand, President of Destatis in a press release.
The prices of energy products were up by 34.7% in 2022 year-on-year, following a 10.4% increase in 2021, while food prices rose 13.4% in 2022 compared with 2021, Destatis said.
Write to Emese Bartha at emese.bartha@wsj.com
(END) Dow Jones Newswires
01-17-23 0230ET
