German Inflation Moderates But Remains High at 5.9% in 2023 After Peaking Last Year
- Inflation in Germany fell to 5.9% in 2023, down from 6.9% in 2022
- After months of decline, inflation ticked up again in December to 3.7%
- Inflation remains elevated in food and energy sectors
- High 2022 inflation was fueled by energy costs after Russia invaded Ukraine
- Despite moderation, inflation still well above ECB 2% target so rate hikes could continue