Year-on-year inflation in Germany reached 10.4% in October

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The rise in the index compared to September was mainly due to higher energy and food prices

Interannual inflation in Germany reached 10.4% in October

FILE PHOTO: Edeka grocery store in Duesseldorf, Germany, April 29, 2020. REUTERS/Wolfgang Rattay

The year-on-year inflation in Germany rose in October to 10.4%, after skyrocketing to 10.0% in September, mainly due to high energy and food prices, the Federal Statistical Office (Destatis) reported today. .

In relation to September, the consumer price index (CPI) rose in October by 0.9%.

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In addition to the increase in the prices of all products due to the war in Ukraine and the crisis situation, the supply problems and the significant price increases in the previous economic phases influence the inflation rate.

The end of the subsidized ticket for public transport at 9 euros (9 dollars) per month and the fuel reduction had already increased the upward pressure on prices in September and the inflation rate shot up that month to 10, 0% year-on-year.

Interannual inflation in Germany reached 10.4% in October

Transfer station of the Baltic Sea Pipeline Link near Lubmin, Germany. August 30, 2022. REUTERS/Lisi Niesner

The first measures of the government's third aid package are already being applied, among others, the reduction of VAT for supplies of natural gas and district heating, from the < b>19% to 7%, which had a dampening effect on the inflation of energy products.

Despite the relief measures, energy products prices increased by 43.0% year-on-year in October, after 43.9% in September.

Consumers had to pay considerably more not only for domestic energy, but also for fuel – 22.3%-.

< img class="aligncenter" src="/wp-content/uploads/2022/11/year-on-year-inflation-in-germany-reached-104-in-October-bfb165f.jpg" alt="inflation n year-on-year in Germany reached 10.4% in October " />

Reference image of an electricity bill. EFE/JUAN CARLOS HIDALGO/Archive

Food prices rose by 20.3% year-on-year in October, an increase in prices that almost doubled that of general inflation after rising already 18.7% in September and, in general, to do so gradually since the beginning of the year.

The prices of goods as a whole increased by 17.8% year-on-year, while those of services only rose by 4.0%.

(With information from EFE)< /i>

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