Inflation in Germany rose to 2.4% in October, exceeding the European Central Bank’s 2% target, although the country narrowly avoided a technical recession, according to CNBC.
Analysts at Germany’s Destatis statistics bureau expected harmonised inflation of 2.1% in October.
Harmonised inflation fell to 1.8% in September after hitting the ECB 2% target in August. However, so-called core inflation, which excludes more volatile food and energy prices, stood at 2.9% in October, Destatis reported on Wednesday.
Services inflation also rose to 4% in October from 3.8% in the previous month.
The figures came after the release of preliminary data on German gross domestic product, which rose 0.2% in the third quarter compared to the previous three months.
Destatis also revised downwards the GDP figures for the second quarter to a contraction of 0.3%.
