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HomeWorldGermany: New record for inflation in October - Highest in post-war period

Germany: New record for inflation in October – Highest in post-war period

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The forecast of the Federal Statistical Service speaks of 10.4% and attributes the increase in prices to energy costs and the jump in the cost of production of products.

Inflation hit a new post-war record for October, with the Federal Bureau of Statistics forecasting 10.4% and attributing the rise in prices to energy costs and a jump in the cost of manufacturing products.

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Indicatively, in September inflation reached 10%, while energy prices increased by 43% compared to the corresponding period of 2022 and food prices by 20.3%. Consumer prices are also expected to increase for the current month by 0.9% compared to the previous month.

The Federal Statistical Office still expects price increases from problems in supply chains due to the consequences of the coronavirus pandemic, but believes that the reduction of VAT on natural gas from 19% to 7% will eventually curb prices. At the same time, there is a reduction in consumption due to a reduction in purchasing power and widespread cancellations of property construction. The detailed conclusions of the period will be announced on November 11.

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Megan
Megan
I am currently a news writer for News Bulletin247 where I mostly cover sports news. I have always been interested in writing and it is something I am very passionate about. In my spare time, I enjoy reading and spending time with my family and friends.

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