Inflation continues to climb: 4.5 percent in October

Rising energy prices have been fueling inflation for some time.

Now statisticians are calculating an inflation rate that was exactly 28 years ago.

Wiesbaden - Rising energy prices and the VAT effect further fueled inflation in Germany in October.

The consumer prices were 4.5 percent above the level of the same month last year, as calculated by the Federal Statistical Office.

The Wiesbaden statisticians last determined an inflation rate of this magnitude exactly 28 years ago: in October 1993. The last time there was a higher inflation rate was in August 1993 at 4.6 percent.

The authority confirmed preliminary figures on Wednesday.

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The inflation rate in Hessen is four percent

Consumer prices have continued to rise in Hessen.

In September 2021, according to the State Statistical Office on Thursday, there was an increase of four percent compared to the same month last year.

The inflation rate was 3.7 percent in August and 3.4 percent in July.

As in the previous months, the increase is largely due to the fact that VAT was temporarily reduced in the same period of the previous year.

The inflation rate in Hessen is four percent

Prices for heating oil and fuel have risen significantly

Saarland households currently have to pay significantly more to fill their heating oil tanks than they did a year ago.

The Saarland Statistical Office announced on Thursday that heating oil was 83.1 percent more expensive than in the same month last year.

Other forms of energy are now following suit: district heating has become 10.4 percent more expensive, gas by 9.2 percent and electricity by 4.5 percent.

Prices for heating oil and fuel have risen significantly

From September to October of the current year, consumer prices climbed by 0.5 percent.

In September, inflation in Europe's largest economy, at 4.1 percent, exceeded the four percent mark for the first time since the end of 1993.

Many consumers are concerned about the rising price level.

Because higher inflation weakens their purchasing power because they can then buy less for one euro than before.

Rising energy prices have been fueling inflation for some time.

In addition, the withdrawal of the temporary VAT cut in Germany is now having a full impact.

Added to this is the CO2 tax that has been due since the beginning of the year.

Europe's monetary watchdogs at the European Central Bank (ECB), whose primary goal is a stable euro, are convinced that the rise in consumer prices is largely due to special factors such as the recovery in oil prices after the corona shock and supply bottlenecks as a result of the significantly increased demand.

The ECB expects inflation rates to gradually decrease again over the next year.

dpa