German September inflation confirmed at 3.3%, up from August

Germany's annual inflation rate for September was confirmed at 3.3%, the Federal Statistical Office (Destatis) said in its final report on Tuesday. The reading matched the preliminary estimate and marked an acceleration from 2.9% in August. On a monthly basis, the Consumer Price Index rose 0.6%, while the harmonized index of consumer prices also increased 0.6% from the prior month.

The harmonized index of consumer prices rose 3.3% year-over-year. Core inflation, which strips out food and energy, climbed 2.4% compared with September 2023 and edged up 0.2% month-over-month. All final figures were in line with the preliminary data, Destatis noted.

Destatis President Ruth Brand pointed to energy prices as the main driver behind the higher headline rate. She said the inflation of mineral oil products at petrol stations and heating oil was particularly evident. The final report did not revise the earlier estimates.

The September data extends the picture of inflation in Europe's largest economy, with the annual rate moving further above the 2% target used by the European Central Bank. The report confirms the preliminary numbers released earlier, offering no surprises for observers tracking price pressures in Germany.