Annual inflation rate in Germany rises to 2 percent last month
Date
11/12/2024 8:07:00 AM
(MENAFN) Germany's consumer prices saw a 2 percent increase in October compared to the same month last year, according to data released by the federal statistical authority, Destatis, on Tuesday. This marks an increase from the 1.6 percent recorded in September and 1.9 percent in August, but it is a significant decrease from the 3.8 percent inflation rate seen in October 2023. The latest rise in prices was largely driven by higher food costs and the continued upward pressure on prices in the services sector, which remains above average.
The rise in food prices, a key driver of inflation, contributed notably to the overall increase in consumer prices. The services sector also saw sustained price increases, which have been a prominent factor in inflationary pressures throughout the year. Despite these factors pushing inflation up, the increase was somewhat moderated by the development of energy prices, which had a dampening effect on the overall inflation rate in October.
Looking at monthly data, consumer prices in Germany rose by 0.4 percent in October compared to September, signaling a modest monthly increase. This indicates a continuing trend of price growth, although at a slower pace compared to the more significant year-on-year increase.
Overall, the inflation rate in Germany remains lower than the levels experienced in October 2023, when inflation peaked at 3.8 percent. However, the current inflation rate of 2 percent highlights ongoing economic challenges, particularly in food and services, with energy prices playing a counterbalancing role in moderating the overall inflationary impact.
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