Germany's inflation rate projected to hit 28-year high

ISTANBUL

Inflation in Germany is expected to hit 4.5% in October, according to estimates released by the country’s statistical authority on Thursday.

Germany’s Federal Statistical Office (Destatis) said results available so far indicate that consumer prices will increase by 0.5% compared to September.

This would be the first time since 1993 that Germany’s inflation rate – which stood at 4.1% in September – exceeds 4.5%.

The Destatis estimates came after the European Central Bank announced it will keep key interest rates unchanged, despite inflation in Europe rising at its fastest pace since 2008.

Germany’s final inflation figures for October will be released on Nov. 10.​​​​​​​