BERLIN / LONDON (IT BOLTWISE) – The inflation rate in Germany fell slightly in October and is now at 2.3 percent. This is mainly due to falling energy prices and a slowdown in food price increases. Despite this development, the inflation rate remains above the European Central Bank’s target of two percent.
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The inflation rate in Germany fell slightly in October and is now 2.3 percent. This is mainly due to falling energy prices and a slowdown in food price increases. Compared to the previous month, inflation fell by 0.1 percentage points, as the Federal Statistical Office announced in an initial estimate. In September, the inflation rate reached an annual high of 2.4 percent.
Consumers particularly benefit from the lower energy prices, which are 0.9 percent cheaper compared to the previous year. In September the decline was 0.7 percent. Prices for services also rose moderately by 3.5 percent in October, after 3.4 percent in September. Food prices rose 1.3 percent, a significant slowdown from September’s 2.1 percent.
Economists had expected a sharper decline in the inflation rate to 2.2 percent. Michael Heise, chief economist at asset manager HQ Trust, said that a fall in the inflation rate below two percent by the end of the year is still not foreseeable. The European Central Bank (ECB) is aiming for an inflation rate of two percent in the medium term, which shows that the current rate is still above the target.
The ECB has cut its key interest rate eight times since last year to counteract the easing price pressure. Bundesbank boss Joachim Nagel currently sees no need for action in monetary policy, which is also supported by his Austrian ECB colleague Martin Kocher. Both emphasize the importance of retaining enough room for maneuver in the event of a crisis escalating in the eurozone and the global economy.
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