Inflation in Germany drops to 1.1 pct in October

Source: Xinhua | 2019-11-15

Germany's inflation slowed to 1.1 percent in October, final data from the Federal Statistical Office (Destatis) showed on Wednesday.
According to Destatis, the increase in consumer prices weakened again after sitting at 1.2 percent in September and 1.4 percent in August.
The costs for energy products in Germany fell by 2.1 percent compared to last year, an intensified decline, Destatis noted.
The price trend for petroleum products also had a dampening effect on the inflation rate. The prices for light heating oil fell considerably by 15.8 percent and dropped by 7.5 percent for fuels, according to Destatis.
Other energy products, though, had become "significantly" more expensive within a year. Prices for natural gas and electricity for example went up by 5.1 percent and 3.9 percent respectively.
Prices for food rose by 1.1 percent overall, with meat products almost five percent more expensive than a year ago. Prices for fish, seafood, bread and cereal products also went up while prices for edible oils and fats fell sharply by more than 10 percent.
Prices for services, on the other hand, rose sharply at 1.7 percent. Destatis noted that the price increase of basic rents played an important role because private households in Germany would spend a large part of their available income on rent.