Inflation in Germany Breaks 1951 Record

The Federal Statistical Office reported that the inflation rate in Germany reached its highest level since 1951. DWN newspaper indicates that "compared to last year, the inflation rate in October 2022 reached 10.4 percent," while energy prices increased more than others. According to the newspaper, "the main reason for the increase in inflation lies in the massive rise in energy resource costs. Prices have risen by 43 percent. The cost of household energy has particularly increased." According to statistical data, "natural gas prices jumped by 109.8 percent, and heating costs increased by 35.6 percent." Food prices also saw a rise of 20.3 percent compared to last October. The newspaper notes, "the prices of animal fats, vegetable oils, dairy products, eggs, vegetables, as well as bread and flour products have specifically risen." The newspaper advises consumers to prepare for further price increases in the near future.