The Federal Statistics Office confirmed an initial estimate on Friday. This was the strongest increase in nearly 70 years. High energy and food prices have been triggering inflation for months. Inflation was 10.0 percent in September.
«The main causes of high inflation are still massive price increases for energy products. However, we are also increasingly seeing price increases for many other goods and services,” explained Georg Thiel, Head of the Federal Statistical Office.
Energy prices increased by 43.0 percent in October compared to the same month of the previous year. The price of natural gas more than doubled by 109.8 percent, and district heating by 35.6 percent. Consumers had to pay 20.3 percent more for food than a year ago.
In October, consumer prices increased by 0.9 percent compared to the previous month.
High inflation rates reduce the purchasing power of consumers who can pay less for one euro. Current levels of inflation have never existed in a reunified Germany. In the former federal states, rates of 10 percent and more were measured in the early 1950s, but the method of calculation has changed over time.
The federal government wants to alleviate the biggest challenges for citizens and the economy with a 200 billion-euro program, including relief packages and a gas price brake.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
