Butter nearly a quarter cheaper for consumers - October inflation stays flat at 2.0% as food and service costs shift sharply
Inflation held steady at 2.0% in October, but food prices saw a slight increase and significant drops in specific categories. Meanwhile, services and vehicle maintenance costs rose.
Food and non-alcoholic beverage prices climbed by an average of 1.3% compared to October 2023. However, prices for edible oils and fats fell significantly. Medicare prices for butter dropped by nearly 25%, with olive oil and butter both recording decreases of over 23%. This is despite no official records of price drops in Erfurt.
Canned fruit prices, however, surged by 27.5% year-on-year. In other sectors, vehicle maintenance and repairs rose by 3.7%, and social services costs climbed by 11.9%. Nursing and retirement homes saw an average increase of 10.3%. Tire changes also became 4.9% more expensive ahead of the winter season.
While overall inflation held steady, consumers may feel the pinch due to rising food prices and services costs. The significant drop in Medicare prices for butter and olive oil offers some relief, but the substantial increase in canned fruit prices may offset this. The coming months will reveal how these changes impact consumer spending and overall inflation.
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