Germany's CPI inflation rate 4.5% in Sept 2023: Destatis

Consumer prices in September rose by 0.3 per cent month on month.

"The rate of inflation has dropped to the lowest level since the start of the war in Ukraine. It remains high, however," said Destatis president Ruth Brand.

Energy product prices in September were 1 per cent higher year on year (YoY), following an increase of 8.3 per cent YoY in August. The much lower price increase is primarily due to the base effect, even though different price developments were observed.

Excluding energy prices, the inflation rate stood at 5 per cent in September. When food and energy prices are excluded, the rate dropped to 4.6 per cent, however, which demonstrates the significant role food prices play in overall inflation.

The prices of goods were up by 5 per cent YoY in September. The prices of durable consumer goods rose by 4.1 per cent YoY. Slightly larger price increases were observed for non-durable consumer goods.

ALCHEMPro News Desk (DS)