Inflation in Germany reaches another high after rising to 10.4% in October
The consumer price index (CPI) for Germany stood at 10.4% in October, which represents an acceleration of four tenths compared tol year-on-year increase in prices registered in Septemberaccording to advance and provisional data published this Friday by Destatis, the office statistical german. The figure of 10.4% represents a new historical maximum for the country since there are records in the reunified Germany. The price rise of 10% of September had already been the largest rising prices since 1991.
The prices of goods have risen 17.8% in October compared to the tenth month of 2021. This increase is mainly due to an increase of 20.3% in food, which represents 1.6 percentage points more that in September. In contrast, energy prices slowed their expansion by nine tenths, to 43%. The prices of services registered a year-on-year increase of 4%, therefore the rate of expansion has accelerated four tenths compared to the data observed in September.
In monthly terms, prices in Germany have risen 0.9% in this month of October. In September, prices advanced 1.9% compared to the previous month. According to the harmonized data, year-on-year inflation was 11.6% in October, seven tenths more than in September, while the figure monthly has fallen by half, to 1.1%. This Friday the provisional price data of the other four large economies of the euro have also been known. The year-on-year harmonized figure for Italy was 12.8% (3.4 points more than in September), while the figure for Spain fell by 1.6 points, to 7.3%; and that of France has risen by nine tenths, up to 7.1%.
The rise is in line with the data for the euro zone, which in September shot up to 10% again, a new all-time high since the euro came into circulation, in full energy crisis aggravated for the consequences of the war in Ukraine. This is bad news for consumers and for the European Central Bank (ECB)which so far has not managed to reduce the pressure on prices with the three rate hikes it has applied to date, of 0.50 basis points in July and 0.75 points in September and another 0.5% this Thursday.
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