Mubasher: Final estimates has indicated on Tuesday that consumer prices in Europe’s largest economy have hit their peak in just over a decade in October.
Consumer price index (CPI) rose 0.2% month-on-month in October, while the annual rate rose 2.5% during the month, marking the highest level seen since September 2008, the Federal Statistical Office (Destatis) said.
The increase was mainly attributed to energy prices which climbed 8.9% year-on-year in October, driven by 39.9% surge in heating oil.
Excluding energy prices, inflation rate would have come in at 1.7%, Destatis said.
Initial EU-harmonised consumer prices rose 0.1% on month in October, while rising 2.4% on an annual basis.
The annual food price inflation slowed notably to 1.9% last October, compared with 2.8% in the previous month.