(Reuters)-German inflation accelerated to its highest level since December 2023 and seasonally adjusted unemployment rose back above 3 million in September, illustrating the challenges still facing Europe's largest economy after a stronger-than-expected first half of the year.
Harmonised inflation in Germany rose to 3.3% year-on-year, preliminary data from the federal statistics office showed on Wednesday, showing the impact of the energy price shock of the Iran war.Analysts polled by Reuters had forecast the EU-harmonised consumer price index at 3.2% in September, compared with 2.9% the month before.
Energy inflation rose to 14.9% in September from 10.5% in August, and in line with the trend in other big euro zone economies.
"Inflation currently remains an energy price phenomenon," said Carsten Brzeski, global head of macro at ING.
"As long as core inflation remains subdued, some European Central Bank members might question the need for further hikes."
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