Inflation in Germany in September again updated the historical maximum

According to preliminary data from the German Federal Statistical Office Destatis, consumer prices in the country (harmonized with EU standards) in September increased by 10.9% year-on-year. The inflation rate has accelerated significantly compared to 8.8% in August and has again updated the historical maximum.

Analysts predicted a more moderate acceleration of inflation – up to 10%.

On a monthly basis, consumer prices in Germany increased by 2.2% compared to the previous month (0.4%), experts expected an increase of 1.3%. 

Inflation, calculated only by German standards, rose to 10% y/y in September, which was the highest since 1951. Then the price growth in recovering after the war Germany reached 11%. Relative to August, inflation was 1.9%.

Analysts expected annual inflation at 9.4%, monthly – 1.3%. In August, it was 7.9% and 0.3%, respectively.

In particular, the cost of energy in Germany in September jumped by 43.9% y/y (in August – by 35.6%), food – by 18.7% (16.6% in August). Services rose 3.6% after rising 2.2%.

The final data on September inflation will be published on October 13.