City
Epaper

German annual inflation hits record 10% in September

By IANS | Updated: October 14, 2022 03:45 IST

Berlin, Oct 14 Driven by soaring energy prices, Germany's annual inflation rate accelerated to 10 per cent in ...

Open in App

Berlin, Oct 14 Driven by soaring energy prices, Germany's annual inflation rate accelerated to 10 per cent in September, the highest level on record, the Federal Statistical Office (Destatis) said.

Inflation has remained above 7 per cent for seven months now, it added on Thursday.

Energy prices in Europe's largest economy rose by 43.9 per cent year-on-year, with particularly sharp increases registered for household energy. Natural gas was 95 per cent more expensive than last year and prices for heating oil even more than doubled, Xinhua news agency reported.

The inflation rate reached an "all-time high since German reunification," Destatis President Georg Thiel said in a statement, adding that the "enormous price rises" for energy products remained the "main reason" for high inflation.

Food prices rose 18.7 per cent, more than overall prices, Destatis noted.

Excluding energy and food price rises, overall consumer price inflation in Germany would be 4.6 per cent.

To cushion the effects of high inflation, the German government has already presented relief packages totaling 95 billion euros ($92.9 billion), including one-off payments for consumers, a discount ticket for public transport and a fuel tax cut. Some measures already expired at the end of August.

The end of the fuel discount and the 9-euro public transport ticket "accelerated the price rises in September," Thiel said, stressing that these temporary relief measures had a "downward effect on overall inflation from June to August".

The German government is already working on a successor to the 9-euro ticket. It has also announced a "protective umbrella" of up to 200 billion euros to stabilise the economy and is preparing a cap on electricity and gas prices.

Inflation also continued to rise in the eurozone and peaked at 10 per cent in September, according to official figures. The European Central Bank (ECB) has already reacted by raising its key interest rate in two steps to 1.25 per cent. (1 euro = $0.97)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Federal Statistical Office of GermanyGermanyXinhuaBerlinGult newsGeorg thiel
Open in App

Related Stories

NationalTesla Model Y: Is It Cheaper in the US & China Than in India? Full Price Comparison Inside

Other SportsMahindra Racing Confirms Kush Maini for Formula E Rookie Outing in Berlin

MumbaiNavi Mumbai Man Arrested for Importing MDMA Worth Rs 16 Lakh via Post From Germany

NationalMahua Moitra Marriage: Trinamool MP Ties the Knot with Former BJD MP Pinaki Mishra in Germany

InternationalMass Stabbing at Hamburg Train Station, Germany: 18 People Injured in Knife Attack; Woman Arrested

Politics Realted Stories

Maharashtra'Chaddi Baniyan' Protest at Maharashtra Assembly: Opposition Stages Agitation Against Sena MLA for Punching and Slapping Canteen Staff (Watch Video)

MaharashtraMaharashtra Monsoon Session: Ajit Pawar Slams Bhaskar Jadhav Over Fund Allegations, Says 'No Need for Unsolicited Advice'

MumbaiUddhav Thackeray Pats Raj Thackeray on Back at Victory Rally Speech; Emotional Video of Thackeray Brothers Goes Viral

MaharashtraMarathi Language Controversy: ‘Did I Pass a GR Against Brotherhood?’ Devendra Fadnavis Hits Back at Uddhav & Raj Thackeray

NationalAssembly Bypoll Results 2025: AAP Wins Visavadar and Ludhiana West Seats; Congress Wrests Nilambur Seat in Kerala