The inflation rate in Germany has risen to 2% in October compared to the same month last year, a jump from the 1.6% rate in September, according to preliminary figures from the Federal Statistical Office released on Wednesday.
In particular, consumers had to pay more for food (up 2.3%) and services (up 4%) in October, while energy became 5.5% cheaper since last year, according to the report.
Inflation has slowed considerably in recent months. In September, the inflation rate was 1.6%, following a 1.9% rate in August.
Core inflation, which excludes volatile prices for energy and food, rose to 2.9% in October after 2.7% in September. Compared to the previous month, consumer prices rose by 0.4% in October.
Although higher than the two previous months, Germany’s inflation rate remains around the closely watched 2% threshold which the European Central Bank (ECB) has explicitly targeted in efforts to control inflation across the eurozone.
September’s inflation rate of 1.6% in Germany was the lowest mark in more than three years.
Supply chain problems and shortages at the end of the coronavirus pandemic touched off a wave of inflation, which was badly exacerbated by Russia’s full-scale invasion of Ukraine in February 2022.
The Russian invasion drove energy prices sharply upward, particularly in Germany, which had been heavily reliant on imported Russian gas.
