Germany's annual inflation rate was confirmed at 2.0% in October 2024, up from September’s three-and-a-half-year low of 1.6% and aligning with preliminary estimates.
German inflation confirmed at 2.0%
This was the highest inflation rate in three months, driven by faster price increases in services (4.0% vs. 3.8% in September) and food (2.3% vs. 1.6%), along with a rebound in goods prices (0.4% vs. -0.3%). Additionally, energy costs fell at a slower pace (-5.5% vs. -7.6%), influenced by smaller declines in solid fuels (-12.7%) and heating oil (-13.4%) due to base effects. Electricity and natural gas prices also dropped, by 5.5% and 0.8%, respectively.
Monthly performance
On a monthly basis, the CPI rose by 0.4%, following a flat reading in September. Meanwhile, the EU-harmonised CPI increased to 2.4% year-on-year from 1.8%, and rose by 0.4% month-on-month after a slight 0.1% decrease in September.
