After two significant declines, German inflation rate rose again in October, from 1.6% to 2.0%.
This is partly due to a higher year-on-year rates in the very volatile energy and food prices, but the core inflation rate has also increased. At 2.9%, it remains well above the ECB 's target of 2%, and in view of the continued strong rise in labor costs, it is likely to fall only slowly in the coming months, Commerzbank’s economist Dr. RalphSolveennotes.
” The high core inflation rate continues to primarily follow the ongoing strong rise in service prices. The year-on-year comparison here has been marginally below 4% since the spring; in October it increased slightly to 4.0%. The decisive factor for the sharp rise in service prices is likely to be the noticeable increase in wage costs. Since wages have risen significantly until recently, the only factor to slow prices is the weak economy, which will gradually push down the services inflation.
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