Inflation in Germany reaches record 10% in September - Destatis
The Federal Statistical Office (Destatis) reports that consumer prices are expected to increase by 1.9% in September.
Federal Statistical Office Destatis released Thursday provisional data revealing that inflation in Germany is expected to rise to a record high of 10% in annual terms in September, up to 7.9% a month earlier.
The office will publish on October 13 details and final data on inflation in Germany in September.
"The rate of inflation in Germany is expected to be +10.0% in September 2022. The inflation rate is measured as the change in the consumer price index (CPI) compared with the same month a year earlier," Destatis said.
The above rate that Destatis provided exceeds some expectations, as experts from the DailyFX finance portal expect a rate of 9.4%.
Provisional estimates say that September will see an increase in consumer prices by 1.9%.
This September, energy prices rose by 43.9% in comparison with last September. Food prices increased by 18.7% over the same period, according to Destatis.
According to the Ifo Institute for Economic Research, the Munich-based think tank, the ongoing energy crisis as a result of the war in Ukraine is “wreaking havoc” on the German economy and they project it could lead to a 0.3% drop in GDP next year.
The Bundestag committee on energy warned that Germany's economic health is at stake considering the spiraling of energy prices out of control, which will serve as “a reminder of the good old days,” followed by German politician and fellow left-wing, Sahra Wagenknecht urging for the cancellation of restrictions and engaging in talks with Moscow.