German inflation eases in October: official data

30th October 2013, Comments 0 comments

The rate of inflation in Germany, Europe's biggest economy, slowed again this month on falling oil prices, initial official data showed on Wednesday.

The cost of living rose by 1.2 percent this month on a 12-month basis, compared with 1.4 percent in September, the federal statistics office Destatis said in a statement.

Using the Harmonised Index of Consumer Prices (HICP), the European Central Bank's inflation yardstick, inflationary pressures in Germany also seem to be easing, with the inflation rate slowing to 1.3 percent in October from 1.6 percent in September.

The ECB defines price stability as increases in HICP of close to but just below 2.0 percent.

The preliminary data are calculated on the basis of cost-of-living statistics from six so-called indicator states.

Final data based on consumer price inflation in all 16 of Germany's regional states are scheduled to be published on November 12.

© 2013 AFP

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