Germany’s annual inflation rate reached 3.3% in September, its highest since December 2023. Energy prices rose 14.9%, while core inflation remained at 2.4%.

Energy was the main driver of the price increase. The gap between headline and core inflation shows the impact of volatile components on the annual reading.

Seasonally adjusted unemployment increased by 12,000 to 3.01 million. The data suggest that energy and financing costs may weaken the recovery even after stronger performance earlier in the year.

For German consumers, energy increases are felt faster than changes in other categories. For the ECB and markets, the inflation–labour-market combination remains a signal to watch.

Indicators can be revised later. Any update to the figures should include the period, the statistical source and the type of seasonal adjustment.

This article presents the September releases and does not extrapolate a long-term scenario from a single month of statistics.

Source consulted: Reuters — German unemployment and inflation, September 2026