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- Germany's consumer price index rose in line with forecasts in October
Germany's consumer price index rose in line with forecasts in October
According to the report from the Federal Statistical Office (Destatis), consumer prices in Germany were up 1.1% in October 2019 compared with October 2018. Destatis also reports that the inflation rate - as measured by the consumer price index - decreased again (September 2019: +1.2%). Compared with September 2019, the consumer prices increased by 0.1% in October 2019.
Energy product prices fell by 2.1% from October 2018 to October 2019. The decrease in energy price thus accelerated (September 2019: -1.1%). The prices of food were up 1.1% in October 2019 compared with the same month a year earlier. The prices of goods (total) were 0.4% higher in October 2019 than in the same month a year earlier. Service prices rose much more strongly (+1.7%) than goods prices (+0.4%) from October 2018 to October 2019. The development of service prices thus had an upward effect on the inflation rate.
Compared with September 2019, the consumer price index rose just slightly by 0.1% in October 2019. Month-on-month price increases were recorded, for instance, for footwear (+2.3%) and for clothing (+0.9%). The prices of energy as a whole went down slightly (-0.1%), especially heating oil prices decreased (-0.8%). Food prices (total) fell 0.4% in October 2019 compared with the previous month. Vegetable prices, in particular, were down on a month earlier (-3.8%).
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