Cost of living slows to three-year low

Cost of living slows to three-year low
The cost of living in Germany has slowed to its lowest level for three years. Photo: DPA
The rate of inflation in Germany slowed to its lowest level in more than three years last month on falling oil prices, official data showed on Tuesday.

The cost of living rose by 1.2 percent in October on a 12-month basis, compared with 1.4 percent in September, the federal statistics office Destatis said in a statement.

It was the lowest level since August 2010, the statement said.

Using the Harmonised Index of Consumer Prices (HICP), the European CentralBank's inflation yardstick, inflationary pressures in Germany also seem to be easing, with the inflation rate slowing to 1.2 percent in October from 1.6 percent in September.   

The data released on Tuesday confirmed a flash estimate released at the end of last month.

READ MORE: Is rent in Germany too expensive?

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