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Financial News: Germany Consumer Prices Rise At Fastest Pace Since

Germany Consumer Prices Rise At Fastest Pace Since 1993

11/10/2021 - 06:11:00 (RTTNews)

(RTTNews) - Germany consumer price inflation rose at the fastest pace since 1993 on energy prices, final data from Destatis revealed on Wednesday.

Consumer price inflation advanced to 4.5 percent in October, as initially estimated, from 4.1 percent in September. A higher inflation rate of 4.6 percent was last measured in August 1993.

On a monthly basis, consumer prices gained 0.5 percent in October. The rate came in line with the estimate published on October 28.

The harmonized index of consumer prices grew 4.6 percent on year, as estimated, after climbing 4.1 percent in September.

Month-on-month, the HICP was up 0.5 percent versus 0.3 percent in September. The monthly inflation also matched preliminary estimate.

Data showed that goods prices increased 7 percent annually driven by the 18.6 percent rise in energy product prices. At the same time, services prices were up 2.4 percent. Excluding energy prices, inflation was 3.1 percent in October.

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