German Inflation Drops to 2.8 Percent in October

German inflation slowed to 2.8 percent in October, falling from 3.3 percent in September and coming in below the 3.1 percent forecast. The Statistisches Bundesamt reported that the decline was primarily driven by easing energy price growth, which rose 12.2 percent year-on-year compared to a 14.9 percent increase in September.

Core inflation, which excludes volatile food and energy costs, dropped to 2.1 percent from the 2.4 percent recorded in the previous three months. Consumer prices fell 0.2 percent month-on-month, defying forecasts of a 0.1 percent increase.

While food inflation remained steady at 0.4 percent, services inflation eased to 2.5 percent and goods inflation slowed to 3 percent.