Ekonomické zprávy
10.11.2021

German consumer price index rose in line with forecasts in October

According to the report from the Federal Statistical Office (Destatis), the inflation rate in Germany, measured as the year-on-year change in the consumer price index (CPI), stood at +4.5% in October 2021. In September 2021, it had been +4.1%. A higher inflation rate was last measured in August 1993 (+4.6%). Destatis also reports that consumer prices were up 0.5% on September 2021.

The prices of goods (total) increased by 7.0% between October 2020 and October 2021, which was above average. Especially the increase in energy product prices (+18.6%) was markedly higher than overall inflation. The prices of heating oil doubled compared with a year earlier (+101.1%), and those of motor fuels increased substantially (+35.0%). The prices of natural gas (+7.4%) and electricity (+2.5%) rose, too.

Food prices were up 4.4% in October 2021 compared with the same month of the previous year. 

The year-on-year increases in energy and food prices had a clear upward effect on the inflation rate. Excluding energy prices, the inflation rate would have been +3.1% in October 2021; excluding the prices of both product groups, it would have been +2.9%.

The prices of services (total) increased by 2.4% in October 2021 compared with the same month a year earlier. Net rents exclusive of heating expenses, which are important as they account for a large part of household final consumption expenditure, rose by 1.4%. 

Compared with September 2021, the consumer price index rose by 0.5% in October 2021. The prices of energy products (total) in particular increased (+4.0%). A substantial price increase was recorded for heating oil (+17.5%). Motor fuel prices were markedly up, too (+5.8%). Prices of food (total) remained nearly unchanged on the previous month (-0.1%, including fresh vegetables: -2.7%; but coffee: +1.1%). Seasonal price decreases were observed for package holidays (-4.7%).

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