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Inflation · November 11, 2026 · 2 min read

German October inflation confirmed at 2.8%; energy still drives annual rise

By Econ Data Tools Editorial Team

Published November 11, 2026 • Updated November 11, 2026

Final Destatis data show slower annual inflation and a monthly price decline. Energy remained 12.2% more expensive than a year earlier, with heating oil moving differently from motor fuels and electricity.

Germany's Federal Statistical Office confirmed October 2026 consumer-price inflation of 2.8% year on year in its November 11 release. That was down from 3.3% in September, while the national consumer price index fell 0.2% from the previous month. Slower annual inflation means prices rose less quickly than a year earlier, not that the overall price level returned to its earlier level. Energy remained a source of annual inflation despite the slowdown. Energy product prices were 12.2% higher than in October 2025, compared with annual growth of 14.9% in September. Destatis says the fuel discount introduced on October 1 likely dampened that increase. Energy prices fell 2.1% from September, illustrating why an annual increase and a monthly decline can occur together. The energy components moved in different directions. Motor fuel prices were 28.9% higher than a year earlier but fell 5.5% over the month. Heating oil was 84.5% more expensive than a year earlier and rose 4.6% from September. Electricity prices were 5.2% lower than a year earlier. The aggregate energy figure therefore does not describe every household's fuel or utility costs. Inflation excluding food and energy was 2.1%, down from 2.4% in each of July, August and September. Services prices rose 2.5% year on year and goods prices rose 3.0%. Food prices increased 0.4% from a year earlier and 0.1% from September. Individual products still varied substantially, so the broad food average is not a claim that every grocery item was nearly unchanged. The harmonised index of consumer prices also rose 2.8% year on year, but declined 0.1% over the month rather than the national index's 0.2%. Destatis says the harmonised measure supports comparisons within the euro area and differs from the national index in coverage, methods and weights. Matching annual rates do not make the two indexes interchangeable. These are final October results confirming the provisional readings, not a fresh November price observation. Germany's harmonised result is one national input into the European inflation picture, not the euro-area rate or a new European Central Bank decision. The release does not establish that it caused a bond-market rally, a currency move or a change in the timing of interest-rate decisions.

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German October inflation confirmed at 2.8%; energy still drives annual rise | Econ Data Tools