The inflation rate in Bavaria has fallen to its lowest level in more than two years. In October, based on preliminary figures, it fell to 3.7 percent compared to the same month last year, as the State Office for Statistics announced on Monday. This is the lowest value since June 2021. The price level remained the same compared to the previous month of September. The state office spoke of a “certain stabilization of the price level” in recent months.
Fuels in particular were among the brakes on price developments in October. Heating oil was 26 percent cheaper than a year ago, solid fuels such as firewood or wood pellets were 22.8 percent cheaper and gas was 17.9 percent cheaper. Fuel prices fell by 8.8 percent over the year. The price of electricity also fell, but only slightly by 1.7 percent compared to October 2022.
Food – recently a strong driver of inflation – did not rise in price as much year-on-year at 6.6 percent. Compared to September, they were even cheaper by half a percent.
Rents without additional costs developed comparatively moderately. They rose by an average of 2.5 percent. Inflation in Bavaria has been trending downward since its peak in November 2022. At that time it was 9.2 percent. Since then, things have declined in several steps. In September it was most recently at 4.1 percent.
Overall, inflation over the past two and a half years has significantly increased the price level in Bavaria. Compared to April 2021, it was a good 15 percent higher in October.