Economic Buzz: Germanys Inflation Hits Record High At 10.4% In October

11 Nov 2022 , 02:50 PM

Germanys consumer price inflation accelerated to an all-time high in October, as initially estimated, on rising energy and food prices, final data from Destatis showed on Friday. Consumer price inflation accelerated to 10.4 percent in October from 10.0 percent in September. Energy prices alone surged 43.0 percent from last year as a result of the war in Ukraine and supply bottlenecks. In turn, food prices advanced 20.3 percent. Excluding energy and food, inflation was 6.5 percent. EU harmonized inflation accelerated to 11.6 percent, in line with flash data, from 10.9 percent in the previous month. Based on the Bundesbanks projections, the HICP inflation is expected to rise to 7.1 percent on average in 2022. Month-on-month, consumer prices gained 0.9 percent as estimated, Destatis reported. The harmonized index of consumer prices moved up 1.1 percent after rising 2.2 percent in September. Powered by Commodity Insights