German Inflation Eases As Estimated

(RTTNews) - Germany's consumer price inflation eased to a three-month low in October, as estimated, driven by the moderation in energy price growth, final data from the statistical office Destatis showed Wednesday.

The consumer price index rose 2.8 percent year-on-year, following a 3.3 percent increase in September. The rate was the lowest since July and came in line with the estimate published on October 30.

"The rate of inflation in October was just under three percent again", Federal Statistical Office President Ruth Brand said.

"The persistently high rate of inflation continued to be primarily driven by the development of energy prices, even though the new fuel discount introduced at the beginning of October is likely to have dampened inflation somewhat," Brand added.

Core inflation, which excludes prices of food and energy, slowed to 2.1 percent from 2.4 percent in the previous month.

EU harmonized inflation slowed to 2.8 percent, in line with estimate, from 3.3 percent in September.

On a monthly basis, the consumer price index was down 0.2 percent. At the same time, the harmonized index of consumer prices slid 0.1 percent, in contrast to the 0.6 percent increase seen in September. This was the first fall since June. Both rates aligning with initial estimates.