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German inflation to jump beyond 5% in November, states data suggest -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The European Central Bank logo, Frankfurt, Germany. January 23, 2020. REUTERS/Ralph Orlowski

BERLIN (Reuters – German inflation will surpass the 5% threshold for November, according to regional data from many states. This puts increasing pressure on European Central Bank to respond to the rising price.

According to preliminary data, North-Rhine Westphalia’s, Bavaria’s, Hesse, Brandenburg, and Saxony, consumer price inflation (CPI) increased between 5.0-5.7% for November.

On Monday at 1300 GMT, we will have the pan-German inflation data for Europe’s biggest economy.

According to Reuters, analysts expect a 5% overall CPI rise in Germany for November. That would make it the highest CPI rate since September 1992.

The EU-harmonised inflation rate (HICP), is expected to reach 5.5%. This is the highest recorded reading since 1997, when the EU-harmonised series was created.

Isabel Schnabel from the ECB told ZDF Television Monday that she believes inflation has peaked in November. This means it is premature for them to raise rates, as prices are expected to rise slowly next year.

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