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German Inflation Held at 2.1% in October as Oil Prices Fell

Germany’s inflation rate remained unchanged in October as oil prices declined.

Inflation, calculated using a harmonized European Union method, held at 2.1 percent, the Federal Statistics Office in Wiesbaden said today, confirming an Oct. 29 estimate. That’s in line with all 21 economist estimates in a Bloomberg News survey. In the month, consumer prices rose 0.1 percent.

Oil prices dropped 7 percent in October as global growth weakened. The European Central Bank yesterday kept interest rates unchanged and President Mario Draghi said on Nov. 7 the sovereign debt crisis is starting to hurt Germany, the pillar of economic strength in the 17-nation currency bloc.

Euro-area “inflation rates are likely to remain above 2 percent for the remainder of 2012,” Draghi said. “They are expected to fall below that level in the course of next year.”

The European Commission on Nov. 7 predicted euro-region inflation to average 2.5 percent this year and 1.8 percent in 2013, more than the 2.1 percent and 1.9 percent forecast for Germany, Europe’s largest economy.

Germany’s non-harmonized inflation rate held at 2 percent in October, the statistics office said.

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