German inflation confirmed at 2.3 pct in October

"Following two consecutive increases, the inflation rate fell slightly again in October," Destatis president Ruth Brand said.

BERLIN, Nov. 12 (Xinhua) -- Germany's inflation rate eased to 2.3 percent in October, final data from the Federal Statistical Office (Destatis) showed Wednesday, confirming an earlier estimate. The slowdown followed a rise to this year's peak in September.

"Following two consecutive increases, the inflation rate fell slightly again in October," Destatis president Ruth Brand said.

After holding steady at the European Central Bank's 2 percent target for two months, inflation in Europe's largest economy picked up again in August and September, driven by higher service costs and a smaller decline in energy prices.

The latest slowdown was mainly due to weaker food inflation. Food prices in October rose 1.3 percent year-on-year, down sharply from previous months. Earlier this year, strong wage gains had fueled food price hikes, but pressures have eased as wage growth moderated in recent months.

Brand noted that services, which have persistently risen faster than average, remained the main driver of inflation. Prices in the sector were 3.5 percent higher than a year earlier, with the steepest increases recorded in combined passenger transport, healthcare and insurance.

The Federal Ministry for Economic Affairs and Energy now forecasts inflation to stay slightly above 2 percent through the end of the year. ■