German inflation falls to five-year low

FXStreet (London) - German inflation measured by HICP fell to 0.5 percent in November, falling from 0.7 percent in October to a new five-year low.

CPI-measured inflation was flat on the month at 0.6 percent year-on-year, defying consensus forecasts of a slight gain in November.

The news will increase pressure on the European Central Bank ahead of its monetary policy decision on 4 November, and follows earlier data showing that Spanish inflation fell to 0.5 percent in November.

With oil prices continuing to fall, it will add downside pressure to already-weak European inflation numbers.