Germany's inflation jumps to 3.3% in September as energy prices surge 14.9%

Germany's consumer price index rose 3.3% year-on-year in September, compared to 2.9% in August and 2.8% in July, according to final data released by the Federal Statistical Office Destatis, confirming initial estimates and market expectations. On a monthly basis, the index rose 0.6%.

Destatis President Ruth Brand explained that inflation exceeded the 3% threshold, reaching its highest level of the year. She noted that energy prices led the increase, particularly petroleum products at fuel stations and heating oil, with energy product prices jumping 14.9% year-on-year in September, after 10.5% in August, 8.3% in July, and 3.4% in June — marking three consecutive months of acceleration and the highest rate since February 2023.

Destatis warned that rising oil prices in global markets following geopolitical developments are trickling into producer and consumer prices.