Germany’s inflation rate remained unchanged in November at its lowest level since early 2018, after slowing for three months, flash data from the Federal Statistical Office showed on Thursday.

The consumer price index, or CPI, rose 1.1 percent year-on-year, the same rate as in October. Economists had expected inflation to accelerate to 1.3 percent.

Energy prices decreased for a third straight month, down 3.7 percent annually. Food prices rose 1.8 percent after a 1.1 percent increase.

Service costs grew 1.8 percent following a 1.7 percent gain in the previous month.

On a month-on-month basis, the CPI decreased 0.8 percent in November, which was worse than the 0.6 percent fall economists had forecast.

The harmonized index of consumer prices, which is meant for EU comparison purposes, rose 1.2 percent annually after a 0.9 percent increase in the previous month. The rate of inflation was in line with economists’ expectations.

Compared to the previous month, the HICP decreased 0.8 percent monthly. The index was expected to fall 0.7 percent.

The statistical office is set to release the final results for November inflation on December 12.

The material has been provided by InstaForex Company – www.instaforex.com