Annual Inflation in Germany Rose to 3.3 Percent in September
According to Destatis data, consumer inflation in Germany reached a 3-year high in September due to the impact of energy prices.
According to preliminary data released by the Federal Statistical Office of Germany, annual inflation, which was 2.8 percent in July and 2.9 percent in August, reached 3.3 percent in September.
Consumer Price Index Data
The Federal Statistical Office of Germany (Destatis) shared the preliminary consumer price index data for September with the public.
According to the announced figures, annual inflation, which was 2.8 percent in July and 2.9 percent in August in the country, rose to 3.3 percent in September.
Exceeded Expectations
It caught attention that the CPI continued its course above the European Central Bank's 2 percent target level.
In the markets, the EU-harmonized CPI was projected to rise to 3 percent and the national standard CPI to 3.1 percent.
Accelerating Increase in Energy Prices
Core inflation, excluding food and energy costs, remained stable at 2.4 percent in September.
Prices of energy products in the country increased by 14.9 percent in September compared to the same period of the previous year.
European Central Bank Policies
Annual inflation in the Eurozone, which was 3.2 percent in August, continues to remain well above the ECB's target.
Following the data in Germany, bond yields rose as investors expected new interest rate hikes from the ECB.
Other European Economies
Data from major economies of the Eurozone also showed that inflationary pressures persist.
Annual inflation climbed to 5.0 percent in Spain, 4.1 percent in Italy, and 3.4 percent in France.