Financial News: German Inflation Eases As Estimated

German Inflation Eases As Estimated

(RTTNews) - Edited third para

Germany's consumer price inflation weakened in October after rising for two straight months, final data from Destatis revealed on Wednesday.

The consumer price index logged an annual increase of 2.3 percent, which was slower than the 2.4 percent rise in September. The rate came in line with the estimate released on October 30.

"The continued above-average rise in service prices was a driving force behind inflation," Destatis President Ruth Brand said.

The decline in energy prices intensified in October. Energy prices dropped 0.9 percent from a year ago. Meanwhile, food prices gained 1.3 percent annually.

Excluding food and energy, core inflation held steady at 2.8 percent, as initially estimated.

Services inflation edged up to 3.5 percent from 3.4 percent in September. Prices of goods rose 1.2 percent.

On a monthly basis, consumer prices gained 0.3 percent in October. Airline prices were significantly more expensive in October.

EU harmonized inflation weakened to 2.3 percent, in line with estimate, from 2.4 percent in September. Month-on-month, the harmonized index of consumer prices moved up 0.3 percent, following a 0.2 percent in September.

Another data from Destatis showed that wholesale price inflation softened to 1.1 percent in October from 1.2 percent in the previous month. On a monthly basis, wholesale prices climbed 0.3 percent, slightly faster than September's 0.2 percent increase.

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