Consumer prices in Germany rose sharply in October, confirming preliminary data, Destatis said.
Consumer prices stood at 4.5% according to national standards and 4.6% according to EU harmonized standards, both of which are in line with estimates.
The rise in inflation is mainly due to the comparison with the lowest prices in 2020.
In this context, the temporary reduction in VAT and the sharp fall in prices for mineral petroleum products also had an upward impact on overall inflation, according to Destatis.
Additional factors were the introduction of carbon pricing in January 2021 and the effects of the pandemic, such as price increases during the economic recovery.
Consumer prices on a monthly basis stood at 0.5% based on national standards and respectively according to estimates.
Commodity prices rose 7% year on year in October.
Energy prices increased by 18.6% compared to the previous year, due to the very low prices of the previous year.
The price of heating oil doubled compared to the previous year, while that of diesel fuel increased by 35%.
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Source From: Capital
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