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8h ago

Germany Inflation Eases to 2.3% in October as Core Stays Elevated

Core inflation held at 2.8% with energy slightly cheaper than a year earlier.

Ein Kunde bezahlt seinen Einkauf im Supermarkt bar mit Euro-Geldscheinen
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Die Inflation hat sich im Oktober leicht abgeschwächt. Die Verbraucherpreise stiegen im Vergleich zum Vorjahresmonat um 2,3 Prozent, wie das Statistische Bundesamt in Wiesbaden am Donnerstag in einer ersten Schätzung mitteilte.

Overview

  • The Federal Statistical Office’s flash estimate put annual CPI at 2.3%, down from 2.4% in September, with prices up 0.3% month on month.
  • North Rhine-Westphalia also registered 2.3% year on year, while prices there rose 0.4% from September, the largest monthly increase since April.
  • Energy prices were 0.9% lower than a year ago nationally, with NRW data showing electricity up 3.0% and heating oil down 8.1%.
  • Services remained a driver, with hotel overnight stays up 5.2%, insurance services up 5.5%, and average net cold rents up 2.1% year on year.
  • Food patterns were mixed, including roasted coffee up 23.1% and fats and oils down 13.0%, and economists still expect 2025 inflation near 2.1%, above the ECB’s target.