The inflation rate in Germany, measured as the year-on-year change in the consumer price index (CPI), stood at +3.8% in October 2023. In September 2023, the inflation rate was +4.5%. This means that the rate of inflation has continued to slow and reached the lowest level since August 2021 (also +3.8%). The Federal Statistical Office (Destatis) also reports that consumer prices in October 2023 remained unchanged from September 2023.

Energy product prices in October 2023 were 3.2% lower than in the same month a year earlier and therefore had a dampening effect on the inflation rate. In September 2023, the rate of increase in energy prices had been +1.0%. Food prices were up 6.1% in October 2023 compared with the same month a year earlier. The surge in food prices therefore slowed further (September 2023: +7.5%; August 2023: +9.0%).

Excluding energy prices, the inflation rate stood at +4.5% in October 2023. When food and energy prices are excluded, the inflation rate was +4.3%.

Source: Destatis
Post by: Republic of Türkiye Ministry of Trade