Germany's consumer price inflation hit a new record in September, as initially estimated, on rising energy and food prices, final data from Destatis showed.
Consumer price inflation accelerated to 10.0% in September from 7.9% in August. The rate came in line with the flash estimate. Energy prices increased sharply by 43.9% from the last year as a result of the war in Ukraine and supply bottlenecks.
In turn, food prices advanced 18.7%. Excluding energy and food, inflation was 4.6%. The cessation of 9-euro ticket and a fuel discount in September lifted the overall prices of goods and services.
Transport cost logged a double-digit growth of 14.0% in September after a 3.7% rise in August. Prices of goods increased 17.2% annually and that of services as a whole climbed 3.6%.
EU harmonized inflation rose sharply to 10.9%, in line with estimate, from 8.8% in the previous month. The Bundesbank expects Germany's harmonized inflation rate to remain in the double-digit territory over the next few months.
Month-on-month, consumer prices gained 1.9% as estimated, Destatis reported. The harmonized index of consumer prices moved up 2.2% after rising 0.4% in August. The final figure matched the preliminary estimate published on September 29.
In an interview with the German newspaper Süddeutsche Zeitung, Bundesbank President Joachim Nagel earlier this month said persistently high inflation is the biggest drag on growth and interest rates need to rise further.
Germany is heading for a recession, but the central bank chief currently believes it will not be a deep slump.
The Bundesbank expects economic growth of between 1.3% and 1.5% this year, with a flat path in 2023.
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