Germany’s CPI rose +0.2% MoM and +2.4% YoY in September 2025 (vs +2.3% YoY expected), accelerating from +2.2% in August and marking the highest annual rate since December 2024.

• Core CPI (ex food and energy) increased to +2.8% YoY, the highest since May, after holding steady at +2.7% in prior months.

• Services inflation rose to +3.4% YoY, up from +3.1% in both July and August, extending its upward trend.

• Goods prices increased +1.4% YoY, after +1.3% in August and +1.0% in July, showing a gradual pickup.

• Energy prices remained negative at -0.7% YoY, though the pace of decline slowed compared with -2.4% in August and -3.4% in July.

• Food inflation eased slightly to +2.1% YoY from +2.5% in August, continuing its moderation from earlier highs.