Germany's annual inflation eases to 2.3% in October

​​​​​​​ISTANBUL

The consumer price index (CPI) in Germany rose 2.3% in October on a yearly basis, down from 2.4% in September, according to preliminary estimates released Thursday.

The inflation figure matched expectations for the month.

Above-average increases in services and food prices continued to drive up inflation with increases of 3.5% and 1.3%, respectively, according to data from the Federal Statistical Office (Destatis).

Food inflation eased from 2.1% in September, while services inflation ticked up from 3.4%.

Energy prices continued to see a decline in October, falling 0.9% year-on-year. In September, energy prices fell 0.7%.

The inflation figure rose 2.4% in September, up from 2.2% in August, and 2% in July and June, its lowest since last October.

CPI figures were at 2.1% in May and April and 2.2% in March, and down from a 14-month high of 2.6% in December.

The inflation rate, excluding food and energy, often referred to as core inflation, was at 2.8% in October on an annual basis, stable from the previous month.

Compared to August, consumer prices rose 0.3% in October, accelerating from a 0.2% rise in September, and slightly above market expectations.​​​​​​​