Germany’s CPI inflation confirmed at 2% in October

Annual consumer price inflation in Germany has been confirmed at 2% in October, a final estimate by the Federal Statistical Office showed.

It accelerated from 1.6% in September, which has been the lowest inflation rate since February 2021.

October’s rate has been the highest since July, as inflation picked up for:

– services (4% YoY from 3.8% YoY in September);
– food (2.3% YoY from 1.6% YoY in September).

And, inflation for goods rebounded, 0.4% YoY after a 0.3% YoY drop in September.

Meanwhile, energy prices fell at a softer rate, by 5.5% YoY in October following a 7.6% YoY drop in the prior month.

Cost of electricity decreased 5.5% YoY, while that of natural gas went down 0.8% YoY.

The Euro was 0.20% weaker on the day against the US Dollar, with the EUR/USD currency pair last trading at 1.0628.

Focus now sets on the US CPI inflation numbers for October and Federal Reserve officials’ speeches.