October 30, 2017 / 1:00 PM / a year ago

German inflation weaker than expected in October

BERLIN, Oct 30 (Reuters) - German annual inflation slowed in October and remained below the European Central Bank’s target, data showed on Monday, supporting the central bank’s decision to start withdrawing stimulus only slowly.

Consumer prices, harmonised to compare with other European countries (HICP), increased by 1.5 percent on the year after a rise of 1.8 percent in September, the Federal Statistics Office said. On the month, prices fell by 0.1 percent.

Both figures undershot expectations. A Reuters poll had pointed to an increase of 1.7 percent on the year and a rise of 0.1 percent on the month.

A breakdown of non-harmonised data showed that only food inflation picked up from September. The prices of energy, services and rents grew by less in October than in the previous month. (Reporting by Joseph Nasr; Editing by Paul Carrel)

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