The general inflation in Germany reached 3.3% in September, four tenths higher than the 2.9% recorded in August, mainly driven by the increase in energy prices, according to the preliminary data released by the Federal Statistical Office (Destatis).
Compared to the previous month, the monthly inflation rate advanced by 0.6% in September, according to the first estimate from the German statistical authorities.
The energy component once again pushed prices upward, with an increase of 14.9%, clearly above the 10.5% observed in August and the 8.3% in July, thus consolidating an upward trend linked to the rise in gas and oil prices. In this context, the barrel of Brent is already trading above 100 dollars.
In contrast, core inflation, which excludes energy and food, remained stable at 2.4%, repeating the figure from July and August and sitting one tenth below the level of June, indicating a certain stabilization of underlying pressures.
As for the rest of the components, food prices have increased by 0.4%, while services have risen by 2.7%, slightly below the previous 2.8%. For its part, goods have recorded an increase of 3.8%, compared to the 3% noted in August.
"Fuel and heating oil have already increased significantly, and it is likely that energy suppliers will raise electricity and gas prices this winter. At the same time, inflationary pressure on many goods and services will continue to rise. Overall, the inflation rate will exceed 3% in the coming months," indicated the head of forecasts at the Munich Institute for Economic Research (Ifo), Timo Wollmershäuser.
The Ifo Institute revised its growth projections for the German economy in 2024 upward at the beginning of the month, raising them by six tenths and placing the advance of the gross domestic product (GDP) at 1.4%, compared to the 0.8% estimated before the summer.