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German inflation at lowest level in two years

Germany inflation rate in October 2023 is back to August 2021 level
Germany inflation rate in October 2023 is back to August 2021 level Copyright CANVA
Copyright CANVA
By Euronews
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Germany’s Federal Statistical Office has published inflation figures for September, which come in at +3.8% compared with the same month last year.

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In August, the country experienced a 6.1% inflation rate, while in September, it registered a 4.5% inflation rate when compared to the corresponding period in 2022.

The latest data from the Federal Statistical Office shows a continued decrease in Germany’s inflation rate, which is now at the lowest level since August 2021.

“The inflation rate remains high, however,” said Ruth Brand, the office’s president, in a statement. “In particular, consumers are still feeling the higher food and energy prices, which have risen during the extended period of war and crisis.”

European trend

Germany’s inflation decrease comes amid similar figures in the eurozone.

The EU’s statistics office published the data for October last week, showing inflation falling sharply to 2.9% in the eurozone.

Inflation had been high in Europe and generally across the world for the past two years, following Russia’s war of aggression against Ukraine that triggered an economic and energy crisis.

Eurostat underlined that the sharper-than-expected decrease in October was due to fuel prices easing by 11.1% on average in the euro area.

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