德国10月通胀放缓幅度超过预期，此前政府恢复了今年早些时候实施的临时性燃油税减免政策。
German inflation slowed more than expected in October after the government revived a temporary fuel-tax cut from earlier in the year.
10月消费者价格同比上涨2.8%，低于上月的3.3%，也低于彭博调查中3.1%的预期中值，以及法国、意大利和西班牙的通胀水平。
Consumer prices rose an annual 2.8% in October, down from 3.3% the previous month. That’s below the 3.1% median estimate in a Bloomberg survey and readings in France, Italy and Spain.
这些数据发布在周三公布的21国欧元区报告之前，经济学家预计该报告将显示通胀率达到3.9%，几乎是欧洲央行目标的两倍。
The data arrive ahead of a report for the 21-nation euro zone on Wednesday, which economists predict will show inflation reaching 3.9%, nearly twice the European Central Bank’s target.
在本周的利率会议上，政策制定者讨论了物价压力正在扩大的风险，并辩论了当前加息是否有必要。最终，他们选择暂不行动，在12月召开2026年最后一次会议之前收集更多信息。
Policymakers discussed the risk that price pressures are broadening at this week’s interest-rate meeting, also debating whether a hike was currently warranted. Ultimately, they opted to hold fire and collect more information before their final gathering of 2026, in December.
据知情人士透露，除非前景好转，否则届时可能需要进行第三次25个基点的加息。此举将使存款利率升至2.75%，这一水平可能对需求产生轻微抑制。
A third quarter-point move at that point will probably be needed unless the outlook improves, according to people familiar with the situation. Such a step would take the deposit rate to 2.75%, a level that may weigh slightly on demand.
欧洲央行行长克里斯蒂娜·拉加德周四表示，欧洲央行目前并未看到通胀第二轮效应的“实质性风险”，但她承认，能源价格持续高企的时间越长，这种风险就越有可能显现。
President Christine Lagarde said Thursday that the ECB doesn’t see a “material risk” of second-round inflation effects at the moment, but conceded that they’re more likely to emerge the longer energy prices stay elevated.
德国央行行长约阿希姆·纳格尔对彭博表示，未来几周物价可能继续上涨，能源成本上升是主要推动因素。
Bundesbank President Joachim Nagel told Bloomberg that prices may continue to rise in the coming weeks, with higher energy costs being a major contributor.
自9月初以来，油价大幅攀升，天然气价格也升至近四年来的最高水平。
Oil has jumped since the start of September, while natural gas has hit its highest level in almost four years.
消费者通过加油站价格的上涨最为真切地感受到了这一影响。在德国16个联邦州，即使恢复了税收减免，燃油价格仍比一年前高出约30%。
Consumers have most acutely felt the impact via higher prices at the pump. Across Germany’s 16 federal states, fuel prices are still about 30% higher than a year ago, even with the tax rebate restored.
与5月和6月一样，汽油和柴油的消费税目前每升下调14美分，计入增值税后相当于约17美分的减负。该措施是总理弗里德里希·默茨领导的政府于9月同意的25亿欧元（28亿美元）一揽子计划的一部分。
Just like in May and June, excise duty on gasoline and diesel is currently reduced by 14 cents a liter, equal to about 17 cents of relief once value-added tax is included. The measure is part of a €2.5 billion ($2.8 billion) package Chancellor Friedrich Merz’s government agreed on in September.
在意大利，政府于10月逐步取消了燃油税折扣，结果通胀加速幅度远超经济学家预期，达到5.6%，为三年多来的最高水平。预期中值为较为温和的回升至4.6%。
In Italy, the government tapered a fuel-tax discount in October, with inflation accelerating significantly more than economists expected as a result to reach 5.6%, the highest level in more than three years. The median estimate was for more modest pickup to 4.6%.
法国的通胀也意外上行，达到3.8%。西班牙的通胀则放缓至4.9%。
Inflation also surprised on the upside in France, where it reached 3.8%. It eased to 4.9% in Spain.