Energy sector prices rose 43 percent year over year, while food prices rose 20 percent.
On Friday, Germany's Federal Statistical Office (DESTATIS) confirmed that the year-on-year inflation rate spiked in October to 10.4 percent, its highest level since the reunification of the two Germanies in 1990.
This level exceeds the 10 percent recorded in September, while in August it had stood at 7.9 percent. For the eighth consecutive month, the annual rate of inflation rises above 7 percent.
These data are still provisional and are based on estimates made by several federal states. The final data will be published on November 11.
The harmonized index, which is calculated according to European Union criteria, places the interannual rate at 11.6 percent, which represents an increase of 1.1 percent with respect to the previous month.
In Germany, as in many other countries, the climb in inflation is tied to housing costs (orange).— Jeffrey Kleintop (@JeffreyKleintop) October 28, 2022
That's because inflation measures rental rates which are continuing to climb and ignore home prices which have been falling for 6 straight months. pic.twitter.com/Q6jAsd7UyK
Energy sector prices rose 43 percent year over year, while food prices rose 20 percent. The increase in rents, however, was moderate and reached 1.8 percent.
Meanwhile, in a new attempt to curb inflation in the eurozone on Thursday, the Governing Council of the European Central Bank (ECB) decided to raise its interest rates by three quarters of a point to 2 percent, a figure not seen since January 2009.
Asked about this decision, ECB President Christine Lagarde declined to comment on whether the December hike will also be 75 basis points or less.
RT @telesurenglish: #EUROPE is facing the worst gas supply crisis in its history, with energy prices soaring and German importers even discussing possible rationing in the EU's largest economy as #Russia says the US is behind Europe's gas supply crisis. pic.twitter.com/nwzgzaPKyK— 911news (@911news) September 7, 2022