By love-89.com According to data released by the Federal Statistical Office on October 11, Germany’s inflation rate for September stood at 1.6%, a decrease from August’s 1.9%, marking the lowest level since February 2021.
The figures reveal that food prices in Germany rose by 1.6% year-on-year for that month, while energy prices saw a significant drop of 7.6%. Service prices increased by 3.8%, with notable rises in areas such as insurance, social services, and dining. When excluding food and energy, the core inflation rate for September was 2.7%.
Ruth Brand, the head of the Federal Statistical Office, pointed out that energy prices have fallen again in September compared to previous months, significantly helping to curb inflation rates. In contrast, the persistent increase in service prices has continued to elevate the overall inflation rate.
Analysts have noted a clear easing of price increases over the past few months. This relief in inflation is seen as positive news for Germany’s struggling economy and its consumers. However, a drop in inflation has not boosted consumer confidence. According to a recent study by GfK, a German market research organization, consumer sentiment remained low in September despite rising wages. Experts suggest that many individuals prefer to save rather than spend.