Shopping mile in Frankfurt am Main (long exposure)
In Germany, inflation has clearly increased. Inflation reached its highest level in nearly eight years. In September, the inflation rate was at 2.3 percent, the Federal Statistical Office announced on Friday in Wiesbaden according to a second estimate. This is the highest rate since November 2011. The Federal Office thus confirmed as expected by analysts the first estimate. In August, consumer prices rose 2.0 percent year-over-year.
The monthly price level rose 0.4% in September, as stated in the announcement. Again, the first estimate was confirmed as expected.
"The inflation rate – as in the previous months – was significantly influenced by the rise in the price of energy products," said the statisticians. Energy cost 7.7 percent more in September than a year ago. In particular, light heating oil (+35.6 percent) and fuels (+13.0) increased significantly. Excluding energy, the inflation rate would have been just 1.6 percent.
Food also rose at an above-average 2.8 percent. Considerably more was demanded for vegetables (+12.3 percent), for example for potatoes (+14.6). For dairy products and eggs (+3.5) and fruit (+2.7), consumers also had to pay more.
The price index (HICP), calculated for European comparison purposes, increased by 2.2 per cent year-on-year, up 0.4 per cent on a monthly basis. The HICP is crucial for the monetary policy of the European Central Bank (ECB).
In September, inflation in the largest eurozone economy was well above the ECB's target. The central bank is aiming for an inflation rate of just under two percent in the medium term for the entire eurozone. With this value, the monetary guardians regard the stability of the prices as guaranteed.