AP

German inflation dips slightly in November to 10%

Nov 29, 2022, 8:33 AM | Updated: 8:59 am

BERLIN (AP) — German inflation slipped back slightly to 10% in November, official figures showed Tuesday, but galloping prices remain a major headache for Europe’s biggest economy.

The annual inflation rate was off its peak of 10.4%, reached in October, as the increase in energy prices over a year ago slowed to 38.4% from 43% a month earlier, the Federal Statistical Office said. But there was no let-up in the increase of food prices, which ticked up to 21% from 20.3%.

The German economy grew 0.4% in the July-September period compared with the previous quarter thanks to consumer spending. But it is still expected to shrink in the current fourth quarter and the first three months of next year.

A separate report from the statistical office on Tuesday showed that real wages in Germany declined by 5.7% in the third quarter compared with a year earlier. It said the value of a 2.3% increase in nominal earnings was more than erased by an 8.4% rise in consumer prices. It was the fourth consecutive quarter in which real wages have declined.

Chancellor OIaf Scholz has sought to find ways with unions and employers to address the impact of rising prices while preventing an inflationary spiral.

In mid-November, Germany’s biggest industrial union agreed with employers on a pay deal that will see millions of workers get raises totaling 8.5% over two years as well as one-time payments meant to cushion the effect of inflation.

Scholz has been eager to promote such tax-free payments of up to 3,000 euros ($3,100), which help workers offset rising costs without pushing up nominal wages.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Sen. Tommy Tuberville, R-Ala., listens to a question during a news conference, March 30, 2022, in W...

Associated Press

Tuberville is ending blockade of most military nominees, clearing way for hundreds to be approved

Sen. Tommy Tuberville announced Tuesday that he's ending his blockade of hundreds of military promotions, following heavy criticism.

19 hours ago

An employee works inside the Hanwha Qcells Solar plant on Oct. 16, 2023, in Dalton, Ga. On Tuesday,...

Associated Press

US job openings fall to lowest level since March 2021 as labor market cools

U.S. employers posted 8.7 million job openings in October, the fewest since March 2021, in a sign that hiring is cooling.

20 hours ago

Megyn Kelly poses at The Hollywood Reporter's 25th annual Women in Entertainment Breakfast, Dec. 7,...

Associated Press

The fourth GOP debate will be a key moment for the young NewsNation cable network

By airing the fourth Republican presidential debate, NewsNation network will almost certainly reach the largest audience in its history.

21 hours ago

Lead water pipes pulled from underneath the street are seen in Newark, N.J., Oct. 21, 2021. (AP Pho...

Associated Press

Biden to require cities to replace harmful lead pipes within 10 years

The Biden administration has previously said it wants all of the nation's roughly 9 million lead pipes to be removed, and rapidly.

6 days ago

Facebook's Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2...

Associated Press

Meta shuts down thousands of fake Facebook accounts that were primed to polarize voters ahead of 2024

Meta said it removed 4789 Facebook accounts in China that targeted the United States before next year’s election.

6 days ago

A demonstrator in Tel Aviv holds a sign calling for a cease-fire in the Hamas-Israel war on Nov. 21...

Associated Press

Hamas releases a third group of hostages as part of truce, and says it will seek to extend the deal

The fragile cease-fire between Israel and Hamas was back on track Sunday as the first American was released under a four-day truce.

11 days ago

Sponsored Articles

...

Dierdre Woodruff

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

...

Desert Institute for Spine Care

Desert Institute for Spine Care (DISC) wants to help Valley residents address back, neck issues through awake spine surgery

As the weather begins to change, those with back issues can no longer rely on the dry heat to aid their backs. That's where DISC comes in.

...

SCHWARTZ LASER EYE CENTER

Key dates for Arizona sports fans to look forward to this fall

Fall brings new beginnings in different ways for Arizona’s professional sports teams like the Cardinals and Coyotes.

German inflation dips slightly in November to 10%