Germany's annual inflation hits new all-time high in October

ANKARA

Germany's annual inflation hit a new all-time high of 10.4% in October, according to preliminary estimates released by the country's federal statistical body Destatis on Friday.

The figure was above market expectations of 10.1%.

"Energy prices, in particular, have increased considerably since the war started in Ukraine and have had a substantial impact on the inflation rate. Energy prices were 43.0% higher in October 2022 than in October 2021," Destatis said.

There was also an above-average rise in food prices by 20.3% from the same month of the previous year.

"Marked price increases at the upstream stages in the economic process have an upward effect on prices, together with the continuing supply chain interruptions caused by the Covid-19 pandemic," the statistical body said.

On a monthly basis, consumer prices were up 0.9% in October.