Germany's inflation rate 2% in Oct 2024: Destatis

The inflation in October was particularly fuelled by the rise in food prices and ongoing above-average price increases for services.

By contrast, the development of energy prices again had a dampening effect on the inflation rate in October, but the effect was less pronounced than in the previous months.

Compared with September this year, consumer prices rose by 0.4 per cent in October.

Registering a decrease of 5.5 per cent, energy product prices in October this year were significantly lower than in the same month a year earlier. Following a drop of 7.6 per cent in September 2024, the decline in prices has therefore slowed.

Excluding energy prices, the inflation rate stood at 3 per cent in October.

Core inflation, excluding food and energy, was somewhat lower in October at 2.9 per cent.

The prices of goods were up by 0.4 per cent YoY in October this year. The price increase observed for non-durable consumer goods (plus 0.5 per cent) was slightly larger than for durable consumer goods (plus 0.2 per cent).

Fibre2Fashion News Desk (DS)