Germany’s inflation worse than expected

A preliminary forecast points to a double-digit level for the second straight month

Inflation in Germany is expected to peak at 10.4% in October, according to preliminary figures released by the country’s national statistics authority.

October looks to be the second consecutive month when the EU’s economic powerhouse will see inflation hit double digits. The rate picked up from 10.0% in September and is above the expected 10.1%, the Federal Statistical Office (Destatis) said on its website.

Energy prices were 43.0% higher in October 2022 than this time last year, and there was also an “above average” increase in food prices by 20.3%, Destatis adds.

The agency will release its final figures for this month on November 11.

Consumer prices have been on the rise across the EU, with the bloc’s overall inflation rate climbing to almost 11% in September, driven by soaring energy and food costs.

Find more stories on economy and finance in TROIB business