Annual German inflation was slightly lower than originally estimated in November, suggesting euro zone price data for the month could also be revised down.
Germany's harmonised index of consumer prices (HICP) rose by 2.3 per cent on the year and fell by 0.5 per cent on the month, the Federal Statistics Office said today.
The Office had initially reported an annual gain of 2.4 per cent and a monthly decline of 0.4 per cent.
DZ Bank economist Bernd Weidensteiner said the German data meant an estimate for euro zone inflation of 2.4 per cent could be also revised be down by a tenth of a percentage point. However, he said the European Central Bank, which raised interest rates for the first time in five years at the start of the month after warning that inflationary risks had risen, would not attach too much importance to the November data.
The ECB defines price stability as an inflation rate of below, but close to, two per cent, a target it has overshot for most of this year.
The EU's statistics office Eurostat is due to issue final November euro zone price data on Friday.
Germany's national index of consumer prices (CPI) rose by 2.3 per cent year-on-year and fell by 0.5 per cent on the month, confirming the Office's original estimate. Annual CPI had been boosted significantly by higher oil costs, the Office said, noting that excluding heating oil and fuels, prices would have risen only 1.8 per cent on the year.
November was the 20th month in a row in which oil prices had boosted annual inflation, the Office said. Nevertheless, with oil prices dipping in November by as much as $10 dollars from $65 per barrel in early October, oil was largely responsible for the monthly fall in prices.
The Office said that excluding mineral oil products, prices would only have dropped by 0.1 per cent from October.