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Germany's inflation rate hits lowest since August 2021

31 Oct '23
1 min read
Pic: Adobe Stock/visuals6x
Pic: Adobe Stock/visuals6x

Insights

  • Germany's expected inflation rate for October 2023 is 3.8 per cent, marking its lowest level since August 2021.
  • Consumer prices are anticipated to remain stable compared to September 2023.
  • Core inflation, which excludes food and energy costs, is expected to be 4.3 per cent.
  • There was a significant YoY drop of 3.2 per cent in energy prices.
The inflation rate in Germany is expected to be 3.8 per cent in October 2023. This is the lowest level since August 2021, which was also at 3.8 per cent. Consumer prices are expected to remain unchanged from September 2023.

The inflation rate excluding food and energy, often referred to as core inflation, is expected to be 4.3 per cent, the Federal Statistical Office (Destatis) said in a press release.

The year-on-year (YoY) drop in energy prices of 3.2 per cent had a particularly dampening effect on the rate of inflation in October 2023. A base effect due to the very high energy price level in the previous year applied here. Prior to this, energy prices last declined YoY in January 2021 at -2.0 per cent compared with January 2020.

ALCHEMPro News Desk (NB)

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