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.
Harmonized inflation had dropped to 1.8% in September, after coming in at the European Central Bank's 2% target in August.
So-called core inflation, which strips out more volatile food and energy costs, came in at 2.9% in October, the German statistics office said Wednesday, an increase from the 2.7% reading of September.
In a note translated by CNBC, Deutsche Bank economist Sebastian Becker said that the renewed rise in core inflation showed that the problem of growth in price increases was not resolved, and that further patience was needed.
Persons:
Sebastian Becker, Carsten Brzeski, meanwhile, Destatis
Organizations:
Central, German, comparability, Reuters, CNBC, Deutsche Bank, ING
Locations:
Bavarian, Germany