German inflation fell to its lowest level in more than two years in October

By: Trademagazin Date: 2023. 11. 08. 11:12

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According to the final data of the German Federal Statistical Office, Destatis, German inflation in October developed as expected, falling to 3.8 percent, the same as the preliminary one, from the previous month’s 4.5 percent to the lowest level in more than two years.

The annual consumer price index thus reached its lowest level in October since August 2021 – when it was also 3.8 percent.

The annual increase in food prices in October was the smallest since February 2022, at 6.1 percent after 7.5 percent in September.

In October, energy prices were 3.2 percent lower than a year earlier, while in September they still exceeded September of the previous year by 1.0 percent. Energy prices thus decreased in October for the first time on an annual basis since January 2021, when they went down by 2.0 percent compared to January 2020. However, the annual decrease in energy prices can be traced back to the base effect due to the price increase during the war.