German Inflation at Highest in More Than 70 Years
By Maria Martinez
Germany's annual rate of inflation accelerated again in
September, beating forecasts and posting the highest reading since
December 1951, according to preliminary data released by German
statistics office Destatis on Thursday.
The consumer price index--a measure of what consumers pay for
goods and services--rose 10.0% in September compared with the same
month a year ago measured by national standards, up from 7.9% in
August, preliminary data from German statistics office Destatis
Economists polled by The Wall Street Journal expected inflation
to come in at 9.5%.
Consumer prices rose 10.9% on year by European Union harmonized
standards, above economists' forecast of 10.2%.
Since Russia's invasion of Ukraine, energy prices have markedly
increased and have had a considerable impact on the high rate of
inflation, Destatis said. Energy prices rose 43.9% in September
Food prices also increased above average, posting a 18.7%
on-year increase, Destatis said.
Other factors pushing inflation higher are supply-chain problems
and significant price increases as the economic recovery got under
way, Destatis said.
Consumer prices rose 1.9% on month by national standards and
2.2% by EU-harmonized standards. Economists polled by the Wall
Street Journal had expected prices to rise 1.5% on month by both
national standards and EU-harmonized standards.
Final results will be released on October 13.
Write to Maria Martinez at email@example.com
(END) Dow Jones Newswires
September 29, 2022 08:28 ET (12:28 GMT)
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