German inflation reaches fresh high
By Abigail Townsend
Date: Friday 11 Nov 2022
(Sharecast News) - Inflation in Germany continued to mount in October, official data showed on Friday, reaching the highest rate since reunification.
According to Destatis, the Federal Statistical Office, the consumer price index rose 10.4% year-on-year last month, compared to 10.0% in September, confirming an earlier provisional forecast and matching consensus.
Month-on-month it rose 0.9%.
The harmonised index of consumer prices rose 11.6% year-on-year, and by 1.1% on the previous month, also in line with consensus. All European Union countries use the same methodology to calculate HICP.
National core CPI, which strips out more volatile elements, rose to 5.0% from 4.6% in September, which HICP nudged 0.4 percentage points higher to 5.1%.
Georg Thiel, president of the Federal Statistical Office, said: "At 10.4%, the inflation rate has reached an all-time high since German reunification.
"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 particularly notable for households is rising food prices."
Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics, said: "Headline inflation was still rising at the start of the fourth quarter, mainly as higher energy prices are still feeding their way to the CPI, despite the recent plunge in wholesale spot prices.
"Inflation in household energy advanced to a dizzying 55.0% year-over-year.
"We think core inflation will remain sticky at 4% to 5% through the first half of next year."
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