As it narrowly avoids a technical recession, Germany's inflation rate rises to 2.4%.

• In October, Germany's inflation rate increased to 2.4%, as indicated by a preliminary reading from Destatis, the country's statistics office.
• The figure is harmonized across the euro area for comparability.
• Earlier on Wednesday, Destatis released a preliminary reading of Germany's GDP growth in the third quarter, which was 0.2% compared to the previous three months.

In October, Germany's inflation rate rose to 2.4%, exceeding the European Central Bank's 2% target, despite the country just barely escaping a technical recession in the third quarter.

The preliminary print from the German statistics office, Destatis, is consistent across the euro area for comparability purposes.

In October, analysts surveyed by Reuters predicted that the harmonized inflation rate would be 2.1%.

In September, the harmonized inflation rate fell to 1.8%, below the European Central Bank's 2% target, which it had met in August.

The German statistics office announced on Wednesday that core inflation, which excludes food and energy costs, rose to 2.9% in October, up from the 2.7% recorded in September.

Inflation for services increased to 4% in October, up from 3.8% in the previous month.

Earlier on Wednesday, Destatis released a preliminary reading of Germany's GDP growth in the third quarter, which was 0.2% compared to the previous three months.

Analysts polled by Reuters were surprised by the increase, as they had predicted a 0.1% decline, allowing Germany to narrowly avoid a technical recession.

Destatis revised the second-quarter GDP figures to a 0.3% contraction from a previously reported 0.1% dip.