Germany's September inflation held at 3.3%, with motor fuel up 37.1% and core steady at 2.4%. Fuel-tax cuts in Germany and France will pull the headline down just as the European Central Bank weighs a December hike.
Destatis left September CPI unrevised at a 21-month high as energy inflation accelerated for a third month, even with core still stuck at 2.4%. Source
Germany's federal statistics office, Destatis, confirmed September consumer prices at 3.3% year on year and 0.6% on the month, both unrevised from the flash. The Harmonised Index of Consumer Prices (HICP) matched at 3.3% and 0.6%. The headline is the highest since December 2023 (3.7%) and up from 2.9% in August. Almost all of the move is energy. Energy prices rose 14.9% on the year, the third straight acceleration after 3.4% in June, 8.3% in July and 10.5% in August. Motor fuels climbed 37.1% and heating oil 74.9%, while electricity (−5.5%), natural gas (−2.8%) and district heating (−1.0%) all got cheaper.
