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14 Oct, 2022 06:54

German inflation hits post-reunification high

Soaring energy costs are pushing up consumer prices, official statistics show
German inflation hits post-reunification high

Annual inflation in Germany has continued to rise by double digits, accelerating to 10.9% in September, finalized data from the Federal Statistical Office (Destatis) showed on Thursday.

According to the agency’s press release, the figure rose from 8.8% in August (on an EU-harmonized basis). When using German standards, consumer prices rose by 10.0% from a year earlier, in line with market forecasts.

The inflation rate has reached “an all-time high since German reunification,” Destatis President Georg Thiel said, citing “enormous price rises” for energy products, as well as food costs, as the main reasons for the high inflation.

The end of both the fuel discount period and the €9 ticket availability also accelerated the price rises in September, he explained. “These temporary measures of the second relief package had a downward effect on overall inflation from June to August 2022.”

The report indicated that consumer prices in September increased markedly by 1.9% compared with the previous month. It also showed that energy product prices were up 43.9% year-on-year despite the relief measures. There was a particularly large price increase for household energy, it noted. Heating oil prices more than doubled, while natural gas prices surged by 95.1%.

Last month, the German government agreed a €200 billion ($194 billion) package to “cushion rising energy costs and the most severe consequences for consumers and businesses.” Under the plan, which will be financed with new borrowing, Berlin will introduce an emergency price brake on gas and electricity. It will also scrap a planned gas levy on consumers to avoid further price increases.

For more stories on economy & finance visit RT's business section

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