Inflation in Germany hits 71-year high

The German Federal Statistical Office (Destatis) has announced the main price increase figures for October.

Consequently, annual inflation, which was 10 percent in September, rose to 10.4 percent in October, reaching the highest rate since December 1951. Inflation was recorded at 10.5 percent in December 1951.

Inflation was expected to rise to 10.1 percent in October. Inflation in the country rose 0.9 percent monthly.

ENERGY INFLATION 43 PERCENT

It is worth noting that energy prices increased by 43 percent annually, while the annual increase in food prices was above average at 20.3 percent. The increase in services was 4 percent.

The EU-compliant CPI also rose 1.1 percent on a monthly basis and 11.6 percent on a yearly basis in October.

In the Destatis statement, it was stated that the record inflation was due to the war between Russia and Ukraine and rising energy prices. It was said.

The statement indicated that the price increases that occurred in a certain cycle due to increased costs and problems in the supply chain were also effective in increasing inflation, and it was reported that the reduction in the heating tax would probably had a downward effect. effect on inflation. (AA)