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German Inflation Continues Downward Trend in October

Germany's annual inflation rate dropped to 2.4 percent in October from 2.9 percent in September, the German Federal Statistical Office said on Friday.

On a month-on-month basis, consumer prices fell 0.2 percent, quicker than the 0.1 percent decline in September.

According to the Wiesbaden-based statistics office, the inflation rate in Europe's largest economy has eased considerably after peak levels of 3.3 percent in June and July.

"The marked downward trend of the inflation rate is mainly due to the current price decrease for mineral oil products, which is probably caused in particular by declining world market prices of crude oil," the office said in a statement.

(Xinhua News Agency November 15, 2008)

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