According to preliminary statistics released on Friday by the Federal Statistics Office, the rate of price growth in Germany accelerated significantly in October, with consumer prices rising by 10.4% on an annual basis.
The inflation rate in Germany last month reached 10% yearly, the highest level in over 70 years. Economists anticipate that inflation will continue to grow in the near future.
According to the data, consumers were forced to pay 43% more than energy during this month compared to the previous year, and food prices increased by 20. 3%.
In the biggest economy in Europe, consumer prices rose by 0.9% this month compared to last September.
The Federal Republic of Germany before the unit (West Germany) had recorded inflation rates of more than 10% in the early 1950s of the previous century, but the method of calculating inflation changed over time. The unified Germany has not been recorded by inflation rates similar to the current level.
Germany: In October, the inflation rate rose to 10.4%.
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