Germany’s Inflation Worse Than Expected

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.