{"id":7148,"date":"2023-10-30T15:14:05","date_gmt":"2023-10-30T15:14:05","guid":{"rendered":"https:\/\/infundpros.com\/business\/german-inflation-drops-to-28-month-low-as-prices-slow-across-europe\/"},"modified":"2023-10-30T15:14:05","modified_gmt":"2023-10-30T15:14:05","slug":"german-inflation-drops-to-28-month-low-as-prices-slow-across-europe","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7148","title":{"rendered":"German inflation drops to 28-month low as prices slow across Europe"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->German economy<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=f7fff8b8-af4b-4c4d-b38b-9fb5d99bb8e8&amp;concept-id=3152dab4-adeb-472e-b307-b0a2187f0701\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>German inflation has fallen faster than expected to 3 per cent, its lowest annual rate since June 2021, as a broad-based slowdown in prices brought some relief to consumers in Europe\u2019s largest economy.<\/p>\n<p>September\u2019s deceleration in price growth, which the federal statistical agency said mainly reflected the first drop in energy prices since early 2021, came as separate figures revealed the German economy shrank in the third quarter.<\/p>\n<p>The stagnating economy is helping price pressures to cool rapidly after the biggest surge in the cost of living for a generation last year, underlining why the European Central Bank decided to hold its main interest rate at 4 per cent last week after a series of recent increases.<\/p>\n<p>Figures for the wider eurozone to be released on Tuesday are expected to show inflation in the 20-country bloc has fallen to 3.1 per cent this month, down sharply from 4.3 per cent a month earlier and a peak of 10.6 per cent a year ago. <\/p>\n<p>\u201cThis likely marks the end of the rapid part of disinflation,\u201d said Salomon Fiedler, an economist at German bank Berenberg, adding that inflation may even rise \u201cagain in December before moving on a more gradual downward path towards 2.5 per cent in the second half of 2024\u201d.<\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"1400\" height=\"1000\"><\/source><source media=\"(max-width: 490px)\"  width=\"600\" height=\"800\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/https:\/\/d6c748xw2pzm8.cloudfront.net\/prod\/ff7dc740-7731-11ee-9d34-9165ebdab2bc-standard.pn.png\" alt=\"Line chart of Harmonised index of consumer prices (annual % change) showing Swift fall in German inflation mirrors its rise\" data-image-type=\"graphic\" width=\"1400\" height=\"1000\"><\/picture><\/figure>\n<p>The drop in the harmonised index of consumer prices in Germany from 4.3 per cent in September was bigger than forecast by economists, who had predicted a rate of 3.3 per cent in a Reuters poll.<\/p>\n<p>The core rate of inflation, excluding more volatile energy and food prices, fell to 4.3 per cent from 4.6 per cent. Month-on-month inflation turned negative for the first time since May as prices fell 0.2 per cent.<\/p>\n<p>\u201cThe price drops in tourism and hospitality services could be a leading indicator for a broader trend that the time for bargain hunters has come,\u201d said Carsten Brzeski, an economist at Dutch bank ING. <\/p>\n<p>There were further signs of an easing in the cost of living crisis that has hit European households. Spanish inflation was below forecast, despite hitting a six-month high of 3.5 per cent in October, while price growth slowed sharply in Ireland and Belgium.<\/p>\n<p>Falling inflation is yet to provide much of a boost to German economic activity, as consumers and businesses continue to grapple with rising borrowing costs, falling house prices and lower exports to China.<\/p>\n<p>German gross domestic product declined 0.1 per cent in the three months to September from the previous quarter, the federal statistical agency said on Monday. That was a milder contraction than the 0.2 per cent drop forecast by economists, but it confirmed the country\u2019s position as one of the world\u2019s weakest major economies.<\/p>\n<p>Germany\u2019s key manufacturing sector has also been hit by a jump in energy costs linked to a shift away from Russian gas imports after Moscow\u2019s full-scale invasion of Ukraine. <\/p>\n<p>\u201cDespite falling inflation and stronger wage increases, private consumption is unlikely to recover for the time being,\u201d said J\u00f6rg Kr\u00e4mer, chief economist at German lender Commerzbank, pointing to a recent fall in already weak consumer confidence.<\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"1750\" height=\"1250\"><\/source><source media=\"(max-width: 490px)\"  width=\"750\" height=\"1000\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/https:\/\/d6c748xw2pzm8.cloudfront.net\/prod\/81b85b00-7717-11ee-846c-e32003083802-standard.pn.png\" alt=\"Column chart of  showing Germany\u2019s economy has struggled to grow in recent months\" data-image-type=\"graphic\" width=\"1750\" height=\"1250\"><\/picture><\/figure>\n<p>The shrinking German economy is expected to offset growth in southern European countries such as Spain, where third-quarter output expanded 0.3 per cent, leading to a stagnation in overall eurozone GDP when quarterly figures for the bloc are released on Tuesday.<\/p>\n<p>Germany\u2019s federal statistical agency also revised up GDP figures for the previous two quarters, indicating that the economy stagnated in the first half of the year instead of shrinking as initially indicated.<\/p>\n<p>However, it said German output was still 0.3 per cent lower than a year earlier. That contrasts with the rapid expansion of the US economy, which last week reported 4.9 per cent annualised third-quarter growth.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/f7fff8b8-af4b-4c4d-b38b-9fb5d99bb8e8\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the German economy myFT Digest &#8212; delivered directly to your inbox. German inflation&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-7148","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>German inflation drops to 28-month low as prices slow across Europe | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the German economy myFT Digest -- delivered directly to your inbox.German inflation has fallen faster\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=7148\" \/>\n<meta property=\"og:locale\" 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