Germany’s annual inflation rate was 1.6 per cent in September, down from 1.9 per cent in August and 1.9 per cent in July, federal statistics office Destatis said on Friday.
“The last time inflation was lower than in September 2024 was over three years ago, when it stood at +1.5% in February 2021,” Destatis stated.
In particular, lower energy prices slowed inflation in September 2024 more significantly than in previous months. Energy product prices fell 7.6 per cent year-on-year in September.
At the same time, a rise in services prices, which remain above average, pushed inflation upwards.
Consumer prices rose by 1.6 per cent year-on-year in September. They were unchanged compared to August.
