Inflation in Germany accelerated to a record 10.9% in September

According to the final data of the German Federal Statistical Office Destatis, consumer prices in the country, harmonized with EU standards, increased by a record 10.9% in annual terms in September. On a monthly basis, prices increased by 2.2%.

Both indicators coincided with preliminary estimates and average forecasts of analysts. In August, price inflation in Germany accelerated by 8.8% year-on-year and by 0.4% compared to July.

Consumer prices, calculated only by German standards, rose by 10% YoY in September after rising by 7.9% a month earlier. Previously, a similar picture could be observed in the 50-s of the last century. Compared to August, inflation was 1.9%. In July, the price increase was 0.3%.

In particular, energy carriers rose the most (by 43.9% y/y). Food products increased in price by 16.7%, the cost of services rose by 3.6%. 

According to opinion polls of Germans, many have stopped making savings and complain about the lack of funds and rising costs. The federal government currently intends to make life easier for people with the help of a brake on electricity and gas prices.