Financial News: German Inflation Rises To 2.0% As Estimated

German Inflation Rises To 2.0% As Estimated

11/12/2024 - 05:16:00 (RTTNews)

(RTTNews) - After falling below the 2 percent target, German inflation accelerated again in October on higher food prices and ongoing above-average price increases for services, final data from Destatis showed on Tuesday.

The consumer price index rose 2.0 percent year-on-year, as initially estimated in October. Prices had increased 1.6 percent in September.

Inflation, based on the harmonized index of consumer prices or HICP, accelerated to a three-month high of 2.4 percent from 1.8 percent in September. The October rate was unrevised from the preliminary estimate.

Food prices were 2.3 percent higher than in the same period last year, following an increase of 1.6 percent in September.

Meanwhile, the development of energy prices had a dampening effect on inflation but the effect was less pronounced than in the previous month. Energy prices dropped 5.5 percent after September's 7.6 percent fall. Excluding food and energy, core inflation was 2.9 percent in October compared to 2.7 percent a month ago.

Data showed that services cost moved up 4.0 percent, thereby remaining markedly higher than overall inflation.

On a monthly basis, the consumer price index moved up 0.4 percent after remaining flat in the previous month. The harmonized index of consumer prices advanced 0.4 percent, in contrast to the 0.1 percent fall in September.

Both monthly rates came in line with the initial estimate published on October 30.

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