Wiesbaden (AP) - The rise in consumer prices in Germany slowed further in October. The annual inflation rate was 1.1 percent, as reported by the Federal Statistical Office.

The Wiesbaden authority confirmed preliminary data. In September, the inflation rate was still at 1.2 percent and in August at 1.4 percent. Lower energy prices in particular (down 2.1 percent) dampened development. Significantly cheaper were fuel and light fuel oil. Compared to September 2019, consumer prices rose slightly by 0.1 percent overall.

The inflation rate is an important indicator of the monetary policy of the European Central Bank (ECB). For the entire eurozone and its 19 countries, the central bank is aiming for an annual inflation rate of just under 2.0 percent in the medium term - far enough from the zero mark. Because prices that are consistently low or wide-spread could mislead businesses and consumers to postpone investment. That can slow down the economy.

Eurostat on inflation in the euro area

Inflation October 2019 preliminary