Germany's
Federal Statistical Office (Destatis) reported on Wednesday the country’s
consumer price index (CPI) is estimated to jump 0.4 m-o-m in October after a flat m-o-m performance in September. That
would be the strongest monthly rise in the index since April (+0.5 per cent m-o-m).
On a y-o-y
basis, Germany’s CPI is seen to climb 2.0 per cent in October, following a 1.6 per cent gain in the
previous month. That
would mark the strongest
annual increase since July (+2.3 per cent).
Economists had predicted
CPI would rise 0.2 per cent m-o-m and 1.8 per cent y-o-y in October.
According to
the report, energy prices declined by 7.6 per cent y-o-y this month, following a tumble of 7.6 per cent y-o-y in September.
Meanwhile, the food prices surged 2.3 per cent y-o-y, accelerating from 1.6 per cent y-o-y in
the previous month. The services costs soared by 4.0 per cent y-o-y, hastening from 3.8 per cent y-o-y in the previous
month.
The harmonized
index of consumer prices for Germany (HICP), which is calculated for European
purposes, is estimated to increase by 0.4 per cent m-o-m and by 2.4 per cent
y-o-y. Economists had forecast a 0.2 per cent m-o-m gain and a 2.1 per cent y-o-y surge
for October. In September, the German HICP slipped by 0.1 per cent m-o-m and jumped
by 1.8 per cent y-o-y.