FXstreet.com (Barcelona) - Consumer prices continue moderating their growing paces in Germany, on the back of the recent sharp decline in mineral oil prices, in October, annual inflation has dropped to the lowest level since March, according to data by German Statistics.

Inflation at consumer level has dropped 0.2% from September to October and it has risen at a 2.4% pace since October last year. Annual inflation has declined almost a whole percentage point since the 3.3% posted last July.

The main responsible for the lower inflation has been the sharp slowdown in mineral oil prices growth, and specially crude oil. Despite the 22.6% year on year increase in liquid fuels, October's growing rate has been markedly lower than in preceding months.

Food prices have continued increasing, 4.3% up year on year, while information processing equipment, consumer electronics, education and communication have contributed to deflation.