BEGIN:VCALENDAR VERSION:2.0 PRODID:-//DIIHK//Events//FA CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VEVENT UID:event-1004@diihk.com DTSTAMP:20260901T111858Z DTSTART:20250126T114531Z DTEND:20250126T114531Z SUMMARY:Germany’s Inflation rate at +2.2% in 2024 DESCRIPTION:Germany’s Inflation rate at +2.2% in 2024 \n While energ y prices in Germany became 3.2 percent cheaper in 2024\, consumer prices rose by an average of 2.2 percent annually compared to 2023.\nThe Federal Statistical Office reports that the inflation rate in 2024 was therefore markedly lower than in the three preceding years. The rate of inflation was +5.9% in 2023\, as high as +6.9% in 2022 and +3.1% in 2021\, on an an nual average basis. Before\, it seldom exceeded the two-percent mark\, on average\, in a calendar year\, the last time being 2011 when inflation a lso stood at +2.2%.\n \;\nParticularly sharp rise in service prices\n The prices of services (total) in 2024 showed above-average growth (+3.8% ) compared with 2023\, after services had cost markedly more (+4.4%) in 2 023 already. For example\, there was a particularly sharp rise in insuran ce prices (+13.2%) on an annual average basis in 2024. Compared with 2023 \, significant price rises were also observed in 2024 for services of soc ial facilities (+7.8%)\, catering services in restaurants\, cafés and th e like (+6.8%) and the maintenance and repair of vehicles (+6.1%)\, for i nstance.\nNet rents exclusive of heating expenses\, which are a major fac tor contributing to the development of prices\, were up 2.1% in 2024 on a n annual average basis and therefore slightly lower than overall inflatio n. The development of telecommunications prices (0.0%) was also below the annual average of 2024. The combined tickets for rail\, bus and the like (-7.4%)\, in particular\, cost less in 2024 than in 2023 due to the prev ious year’s price development with the introduction of the Germany tick et in May 2023.\nAlso\, the prices of goods increased 1.0% in 2024 from 2 023\, with food prices rose 1.4%. In the food (only in German) category\, consumers had to pay markedly more in 2024 for edible fats and oils (+10 .3%) and sugar\, jam\, honey and other confectionery (+6.4%)\, for instan ce\, compared with 2023. By contrast\, dairy products (-2.1%) and vegetab les (-1.5%)\, for example\, were less expensive.\n \;\nEnergy product prices down 3.2% in 2024 compared with 2023\nThe prices of energy produc ts fell by 3.2% in 2024 year on year\, following an increase of 5.3% in 2 023 and a steep hike of 29.7% in 2022. On an annual average basis\, the p rices of household energy (total) dropped by 3.1% in 2024. For example\, electricity (-6.4%)\, heating oil (-3.9%) and natural gas (-3.5%) cost le ss than a year earlier. By contrast\, among household energy products\, t he price of district heating increased substantially by an annual average of 27.1% in 2024 compared with 2023. In addition\, the price of motor fu els (-3.2%) fell on an annual average basis in 2024 compared with 2023. E xcluding energy prices\, the year-on-year rate of price increase in 2024 would have been +2.9%. END:VEVENT END:VCALENDAR