German inflation hit the highest level in more than 25 years in September, driven by rising energy prices, according to data released on Thursday.
Consumer prices, harmonized to make them comparable with inflation data from other European Union countries, rose 10.9% year-on-year, the federal statistics agency said. A Reuters poll of analysts had projected a 10.0% increase.
This was the highest reading since the start of using comparable data in 1996.
Germany’s non-harmonized inflation rate in September rose to 10%, the agency said, the strongest since the early 1950s.
The result was due to higher energy costs — which were up 43.9% compared to September 2021 — as the offer of cheap transport tickets and the fuel tax cut expired at the end of August.
Rising energy prices driven by dwindling gas supplies from Russia have pushed inflation rates to levels not seen in decades, with a sharp loss in consumer purchasing power increasing the likelihood that a recession is on the way.
Source: CNN Brasil
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