Consumer prices in Germany, harmonized with EU standards, rose by 11.6% in annual terms in October, according to preliminary data from the country’s Federal Statistical Office (Destatis).
Inflation accelerated from 10.9% in September and again renewed its historical maximum.
Analysts polled by Trading Economics expected inflation to remain at 10.9% on average.
Consumer price growth slowed to 1.1% month-on-month from 2.2% in September. Experts on average predicted an increase of 0.5%.
Inflation, calculated by German standards, in October accelerated to 10.4% in annual terms – the highest since December 1951, compared with 10% a month earlier. On a monthly basis, it slowed down to 0.9% from 1.9%.
Inflation in Germany is fueled by a weaker euro, an energy crisis and ongoing problems in supply chains.
Energy prices in the country rose by 43% in October, food prices rose by 20.3%, and the cost of services increased by 4%.
The final data on inflation in Germany for October will be published on November 11th.
