German Inflation Sets New Record High Of 10%
Germany’s consumer price inflation accelerated at a faster-than-expected pace to a new record high in September amid higher energy prices, preliminary figures from Destatis showed on Thursday.
Consumer prices registered a double-digit growth of 10.0 percent year-over-year in September, faster than the 7.9 percent rise in August. That was also above the 9.4 percent rise expected by economists.
The latest upturn in inflation was largely driven by a 43.9 percent surge in energy prices. Food prices also rose at an above-average rate of 18.7 percent.
Since the beginning of the war in Ukraine, energy prices in particular have risen noticeably and have a significant impact on the high inflation rate, Destatis said.
Compared to the previous month, consumer prices moved up 1.9 percent in September, beating economists’ forecast for an increase of 1.3 percent.
The EU measure of inflation, or HICP, also grew sharply by 10.9 percent yearly in September versus an expected rise of 10.0 percent.
On a monthly basis, the HICP climbed 2.2 percent from April. It was expected to increase by 1.3 percent.
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