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%).