German inflation rate 10.4% in Oct; all-time high since reunification

14 Nov '22

2 min read

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Germany’s inflation rate, measured as the year-on-year (YoY) change in the consumer price index (CPI), was 10.4 per cent in October, following a 10 per cent increase in September. It has reached an all-time high since German reunification, said Georg Thiel, president of the Federal Statistical Office (Destatis).

Two temporary measures of the second relief package that ended in September—the €9 ticket and the fuel discount—accelerated the overall price rise.

“Enormous price rises for energy products still are the main reason for the high inflation. But we observe more and more price increases also for many other goods and services. What has become particular notable for households is rising food prices,” Thiel said in an official note.

Consumer prices in October were up by 0.9 per cent over September figures, Destatis reported.

Delivery bottlenecks and significant price increases at upstream stages in the economic process affected the inflation rate. The prices of other goods and services also went up as a consequence.

Energy product prices were 43 per cent higher in October this year than in the same month a year earlier, despite the relief measures.

There was a particularly large price increase for household energy (55 per cent). Natural gas prices more than doubled (109.8 per cent rise) and district heating prices rose by 35.6 per cent.

The total prices of goods were up by 17.8 per cent YoY in October this year.

ALCHEMPro News Desk (DS)

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