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Inflation in Germany, which reflects the dynamics of consumer prices, hit a new record in September, as expected on the back of rising energy and food prices, according to the final data of the Federal Statistical Office Destatis, cited by DPA and BTA.

Consumer price inflation accelerated to 10 percent in September on an annual basis from 7.9 percent in August.

These data correspond to the preliminary forecast.

Energy prices are soaring 43.9 percent year-on-year as a result of the war in Ukraine and disruptions to supply chains.

In turn, food prices rose by 18.7 percent on an annual basis.

Excluding energy and food prices, inflation in Germany is 4.6 percent.

The cancellation of the state discount on fuel prices and the promotional monthly ticket of 9 euros for public transport in Germany has led to a general increase in the prices of goods and fuels, DPA notes.

Transportation costs increased by 14 percent in September, after their increase in August was significantly smaller - 3.7 percent.

The prices of goods increased by 17.2 percent on an annual basis, and of services in general by - 3.6 percent. 

Unheard of inflation in Romania as well

Germany is headed for recession, but the governor of the Central Bank, Joachim Nagel, believes that the economic decline will not be very serious for the time being, informs DPA.

The Bundesbank expects the Federal Republic to record economic growth of between 1.3 and 1.5 percent this year and does not foresee a significant change in 2023.

The European Central Bank is expected to raise its key interest rate by at least 0.75 percentage points at its meeting at the end of October, as inflation in the eurozone in September reached double digits for the first time - 10 percent, DPA noted.

Germany

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