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 European Central Bank’s 2% target, even as the country narrowly avoided a technical recession in the third quarter.

The preliminary print, announced by German 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 European Central Bank’s 2% target in August.

The data comes after Destatis earlier on Wednesday posted a preliminary reading of Germany’s gross 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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Aniket Pujari

Aniket Pujari is a visionary entrepreneur and dedicated content creator who has made significant contributions to the digital media landscape. As the founder of Minute To Know News, he has established himself as a leading figure in the world of finance, cryptocurrencies, and Internet-related topics.

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