CdM | Germany’s inflation stood at August 2021 lows after the Consumer Price Index (CPI) moderated to 3.8% in October, in line with the initial and consensus estimate, which is seven tenths lower than the previous month, according to confirmed data from Destatis, the federal statistics office. Compared with the previous month, German prices were unchanged in October.
In particular, prices for energy products stood at 3.2 per cent, below the level of the same month a year earlier. The decisive factor for this fall was the very high level of energy prices in the previous year. This was particularly visible in fuels, which were 7.7% cheaper in October 2023 than a year earlier.
Household energy prices, on the other hand, remained almost constant over the same period (+0.1% compared to October 2022). However, electricity was still significantly more expensive in October, by 4.7%, than a year earlier.
Meanwhile, food prices increased by 6.1% in October compared to the same month last year. Consumers had to pay significantly more, especially for sugar, jams, honey and other confectionery (+13.4%), as well as for bread and cereal products (+10.9%). Fruits (+9.6 per cent), fish, fishery products and seafood (+8.6 per cent) also rose considerably.
Prices of general goods rose by 3.6 per cent in October and consumer goods by 3.5 per cent. Non-alcoholic beverages (+8.8 per cent), as well as alcoholic beverages and tobacco products (+8.5 per cent) also rose. Durable goods prices rose by 3.8% compared with October 2022.
In addition, prices of services in general were 3.9% higher in October than in the same month of the previous year.
Excluding energy, the inflation rate was 4.5%. If food is also excluded, the rate stands at 4.3%.