Inflation in Germany rose to 4.5 percent for the first time since 1993

Germany's Federal Statistical Office (Destatis) has announced the leading October data on price increases.

Accordingly, annual inflation, which was 4.1 percent in September, was 4.5 percent in October, exceeding market expectations. Inflation was expected to rise to 4.4 percent in October. Inflation has remained at its highest level since December 1993 (4.5%).

Inflation in the country increased by 0.5 percent on a monthly basis.

It is noteworthy that energy prices increased by 18.6 percent on an annual basis, while the annual increase was 4.4 percent in food prices and 2.4 percent in services.

In Germany, the leading EU-compliant CPI increased by 0.5 percent on a monthly basis and by 4.6 percent on an annual basis in October.

It is noteworthy that annual inflation in Germany is well above the European Central Bank's (ECB) target of close to 2 percent for the entire Eurozone.

Experts say that the annual inflation in the country remains high; Noting that the end of VAT discounts, supply bottlenecks, and the increase in raw material and energy prices were effective, he pointed out that higher inflation rates may be seen in the coming months.

Analysts expect inflation in Germany to reach 5 percent by the end of the year.