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Consumer prices in Germany jumped to 2-year high during the month of October, while energy prices took a downturn during the period.
Germany’s consumer price index (CPI) climbed 0.8 percent year-on-year in October, faster than the 0.7 percent rise seen in September, data released by the Federal Statistics Office showed Friday. A similar higher rate was last reported in October 2014.
On a monthly basis, consumer prices gained 0.2 percent after rising 0.1 percent in September. Both annual and monthly inflation figures matched preliminary estimates published on October 28. Energy prices slid 1.4 percent on year in October but the pace of decline has continuously slowed since July 2016. Excluding energy, inflation came in at 1.1 percent versus 1.2 percent in September.
The EU measure of inflation, the harmonized index of consumer prices, or HICP, rose 0.7 percent annually after a 0.5 percent increase in September. The inflation rate thus reached the highest level so far this year.
Further, month-on-month, consumer prices rose 0.2 percent in October, confirming the flash HICP estimates.
At 8:50GMT, the EUR/USD currency pair was trading 0.07 percent down at 1.0888, compared to previous close of 1.0896, while at 8:00GMT, the FxWirePro's Hourly Euro Strength Index stood neutral at -29.9492 (lower than the benchmark of -75 for bearish trend).
Meanwhile, at 8:50GMT, the German benchmark DAX stock index rose 0.37 percent to 10,668.50, compared to previous close of 10,630.12.
