German inflation steady at 2.0% in October

INFLATION in Germany, Europe's biggest economy, remained steady at 2.0 per cent in October, official data shows.

The German consumer price index (CPI) rose by 2.0 per cent on a 12-month basis this month, according to a flash estimate using cost-of-living data from six of Germany's 16 regional states.

In September, the 12-month inflation rate had also stood at 2.0 per cent.

On a monthly basis, the cost of living in Germany was unchanged, the national statistics office Destatis said in a statement.

Using the Harmonised Index of Consumer Prices (HICP), the ECB's inflation yardstick, the rate of inflation in Germany was also unchanged at 2.1 per cent in October.

The ECB defines price stability as increases in HICP of close to but just below 2.0 per cent.

Preliminary inflation data are calculated using consumer price data for six of Germany's 16 federal states.

Final data, based on statistics for all 16 states, are scheduled to be published on November 9.

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