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Germany confirms September inflation at 3.3 per cent

Germany’s final September consumer price figures confirmed annual inflation of 3.3 per cent and a monthly rise of 0.6 per cent. Energy prices climbed much faster than the overall basket, with sharp increases in motor fuel and heating oil. Electricity and gas prices fell over the year, while inflation excluding food and energy remained at 2.4 per cent.

Economics & Markets··Midday
A German motor-fuel pump nozzle seated in its cradle beside a heating-fuel delivery coupling.

Final figures confirm September’s price increase

Germany’s final September consumer price figures confirmed a 3.3 per cent annual increase. The Federal Statistical Office of Germany, known as Destatis, released the figures on October 13. Both the national measure and the harmonised European index retained their preliminary annual readings.[1], [2]

Consumer prices were 0.6 per cent higher than in August. Annual inflation had been 2.9 per cent in August and 2.8 per cent in July. The national and harmonised indices differ in their coverage and weighting, although both recorded the same monthly and annual increases in September.[1]

Fuel prices rise while electricity and gas fall

Energy prices rose 14.9 per cent from a year earlier. Motor fuel was 37.1 per cent more expensive and heating oil 74.9 per cent more expensive. Electricity prices instead fell 5.5 per cent and natural gas 2.8 per cent. The motor-fuel tax cut that began in October was outside the September measurement period.[1]

Core inflation remains at 2.4 per cent

Inflation excluding food and energy remained at 2.4 per cent, unchanged from July and August. Food prices rose 0.4 per cent over the year. Eggs and fresh vegetables were more expensive, but butter prices fell 29.5 per cent. Goods prices increased 3.8 per cent and services 2.7 per cent, with substantial differences between individual items in the consumer basket.[1]

References

  1. News sourceFederal Statistical Office of GermanyGerman September inflation confirmed at 3.3%↩1↩2↩3↩4
  2. News sourceinvestingLiveGermany September final CPI +3.3% vs +3.3% y/y prelim↩
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