Germany’s annual inflation rate drops to over two percent in October
After two months of consecutive increases driven by rising service costs, the inflation rate experienced a modest decline in October, Ruth Brand, head of Destatis, stated.
Energy prices fell by 0.9% year-on-year, while food costs rose by 1.3%. Excluding energy and food, the inflation rate stood at 2.8%. Services prices climbed 3.5% over the same period, whereas goods prices increased by 1.2%.
On a monthly basis, the inflation rate grew by 0.3%.
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