Germany’s inflation surges to 2.4% as it narrowly skirts a technical recession

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Germany’s inflation surges to 2.4% as it narrowly skirts a technical recession

Passers-by walk in the pedestrian zone of the Bavarian capital.

Peter Kneffel | Picture Alliance | Getty Images

Germany’s inflation surged to 2.4% in October, back above the ********* Central Bank’s 2% target, even as the country narrowly avoided a technical recession in the third quarter.

The preliminary print, announced by ******* statistics office Destatis, is harmonized across the euro area for comparability.

Analysts polled by Reuters had been expecting harmonized inflation to come in at 2.1% in October.

Harmonized inflation had dropped to 1.8% in September, after coming in at the ********* Central Bank’s 2% target in August.

So-called core inflation, which strips out more volatile food and energy costs, came in at 2.9% in October, the ******* statistics office said Wednesday, an increase from the 2.7% reading of September.

Services inflation also nudged higher to 4% in October, from 3.8% in the previous month.

The data comes after Destatis earlier on Wednesday posted a preliminary reading of Germany’s ****** domestic product, which grew 0.2% in the third quarter compared to the previous three months.

The increase surprised analysts polled by Reuters who had anticipated a 0.1% decline, allowing Germany to narrowly avoid a technical recession — which is marked by two consecutive quarters of contraction.

Destatis also revised down the second-quarter GDP figures to a 0.3% contraction, from a previously reported 0.1% dip.

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