Inflation reached 4.5% year-on-year in October, its highest level since 1993

Get real time updates directly on you device, subscribe now.

Germany’s Consumer Price Index (CPI) rose to 0.5% in the monthly reading for October, as expected, as reported by the Federal Statistical Office (Destatis). This is its highest level since last July.

The year-on-year inflation has risen to 4.5% from the previous 4.1%, meeting forecasts, reaching its highest level since August 1993.

Among the causes of this high inflation, Destatis reports that the prices of goods as a whole increased 7.0% above the average from October 2020 to October 2021. Above all, the prices of energy products stood at + 18.6%, well above headline inflation.

The harmonized monthly CPI has risen to 0.5% from 0.3% in September, reaching its highest level since July. The year-on-year indicator has risen to 4.6%, as expected.

EUR / USD reaction

The EUR/USD has reacted to the German inflation data with a fall of almost 10 pips that has taken it to new lows for the day at 1.1572. At time of writing, the pair is trading above 1.1573, shedding 0.19% daily.

.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.