Press release No. 500 of 28 October 2021
Consumer price index, October 2021:
+4.5% on the same month a year earlier (provisional)
+0.5% on the previous month (provisional)
Harmonised index of consumer prices, October 2021:
+4.6% on the same month a year earlier (provisional)
+0.5% on the previous month (provisional)
WIESBADEN – The inflation rate in Germany, measured as the year-on-year change in the consumer price index (CPI), is expected to be +4.5% in October 2021. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that the consumer prices are expected to increase by 0.5% on September 2021.
| Overall index / subindex | Weight | July 2021 | August 2021 | September 2021 | Oktober 2021 1 |
|---|---|---|---|---|---|
| per thousand | percent | ||||
| 1: Provisional figure. 2: Household energy and motor fuels. 3: Net rents and other rents. | |||||
| Overall index | 1,000 | 3.8 | 3.9 | 4.1 | 4.5 |
| Goods | 468.16 | 5.4 | 5.6 | 6.1 | 7.0 |
| including: | |||||
| Energy 2 | 103.83 | 11.6 | 12.6 | 14.3 | 18.6 |
| Food | 84.87 | 4.3 | 4.6 | 4.9 | 4.4 |
| Services | 531.84 | 2.2 | 2.5 | 2.5 | 2.4 |
| including: | |||||
| Rents 3 | 207.26 | 1.3 | 1.3 | 1.4 | 1.4 |
There are a number of reasons for the high inflation rates since July 2021, which include base effects due to low prices in 2020. In this context, especially the temporary value added tax reduction and the sharp decline in mineral oil product prices had an upward effect on the overall inflation rate. Apart from the usual market developments, additional factors were the introduction of CO2 pricing as of January 2021 and crisis-related effects, such as marked price increases at upstream stages in the economic process, only some of which have had a mostly just moderate impact on the consumer price index and the inflation rate so far.
For more background information and analyses regarding the consequences of the coronavirus pandemic for price development please refer to our “StatGespräch” podcaston inflation (in German). There we also shed some light on the role of base effects.
The final results for October 2021 will be released on 10 November 2021.
