German Inflation Eases to 3.8% in October on Falling Energy Prices
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Year-on-year inflation in Germany fell to 3.8% in October, the lowest level in over 2 years but still above the ECB's 2% target.
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A drop in energy prices of 3.2% drove down the October figure after surging following Russia's invasion of Ukraine.
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Food prices rose 6.1% year-on-year in October, slowing from 7.5% in September and 9% in August.
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The president of the Federal Statistical Office said inflation remains high but is easing somewhat, especially for food.
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Most energy products became cheaper in the last year, though electricity prices rose 4.7%.