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German Inflation Back to 4.0% in November (seasonally adjusted & annualized)

In order to better understand short-term inflation trends, we annualize the monthly change of the seasonally adjusted Consumer Price Index. This gives an inflation measure of just 4.0%, much lower than official inflation of 10.0% p.a., which is encouraging. The flip side is that the seasonally adjusted figures are very, very volatile as you can see in the second chart below.