German inflation picked up slightly in October but still remained well below the European Central Bank’s target, raising expectations for further monetary stimulus.
Consumer prices measured according to common European standards were unchanged on the month in October, and rose by 0.2% on the year, the Federal Statistics Office said Thursday, confirming its preliminary estimate it published on Oct. 29.
In September, the harmonized CPI was -0.3% on the month, and -0.2% on the year.
Consumer prices calculated according to national standards were also unchanged on the month, but rose by 0.3% on the year in October, the statistics office Destatis said, also confirming its first estimate.
As has been the case in the previous months, energy prices in particular have put the index under downward pressure. Destatis said that energy prices fell by 8.6% on the year in October.