October Inflation in Germany Rises to 2.0% Driven by Food and Service Costs

The increase marks a shift from previous months, with energy prices providing less relief than before.

Germany's inflation rate reached 2.0% in October, up from 1.6% in September, as reported by the Federal Statistical Office.
Significant price increases in services and food were the primary contributors to the inflation rise, with services seeing a 4.0% increase.
Butter and olive oil saw notable price hikes of 39.7% and 28.1% respectively, contributing to the 2.3% increase in food prices.
Energy prices decreased by 5.5% compared to the previous year, but their impact on dampening inflation was less significant than in prior months.
Economists predict that inflation will continue to rise moderately, but do not foresee a return to the high inflation rates experienced in 2022.