Germany Inflation September 2022


Germany: Harmonized inflation accelerates in September to record high

September 29, 2022

Harmonized inflation accelerated to a record-high 10.9% in September, according to provisional data, from August’s 8.8%. The reading was driven by greater prices for both services and goods; energy price inflation picked up notable pace in the month. The headline acceleration was partly driven by the end of government measures such as the EUR 9 train ticket.

Consequently, average annual harmonized inflation rose to 7.3% in September from 6.8% in August. Consumer price inflation, meanwhile, rose to 10.0% in September from 7.9% in August.

On a monthly basis, harmonized consumer prices rose 2.2% in September from 0.4% in August.

Carsten Brzeski, global head of macro at ING, commented:

“Looking ahead, the only way for German inflation is up. With high wholesale gas prices now reaching people’s homes and pockets as well as more inflationary pressure in the industrial pipeline—with producer price inflation at 45% YoY—inflation will test even higher levels. It will take until next Spring before headline inflation could start to move down as negative base effects kick in. Based on today's numbers, peak inflation could come in at around 13%.”

FocusEconomics panelist expect harmonized inflation to average 8.1% in 2022 and 5.5% in 2023.


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Germany Inflation Chart

Germany Inflation September 2022

Note: Annual and monthly variation of harmonized index of consumer prices in %.
Source: Federal Statistics Office (Destatis) and FocusEconomics calculations.

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