German CPI confirmed at 2% in October as food, services prices rise

12th Nov 2024 07:38

(Sharecast News) - German inflation rose in October, driven by a rise in food prices and ongoing above-average increases for services, official data confirmed on Tuesday.

The consumer price index stood at 2.0%, in line with an earlier flash estimate, compared with 1.6% in September 2024 1.9% in August.

"By contrast, the development of energy prices again had a dampening effect on the inflation rate in October 2024, but the effect was less pronounced than in the previous months," the federal statistics office said.

Reporting by Frank Prenesti for Sharecast.com