Germany's inflation rate hit its highest level in nearly three years, putting further pressure on the ECB to raise interest rates. Consumer prices in Germany rose 3.3% year on year in September, higher than economists' median forecast of 3.2%. Rising energy prices are a major factor driving the acceleration of inflation. The German domestic indicator for measuring potential price pressure remained unchanged at 2.4%. Earlier, France, Italy, and Spain all released unexpectedly strong overall inflation data; among them, Spain's inflation rate had risen to 5% due to soaring fuel costs caused by the Iran conflict. Eurozone overall inflation data is due to be released on October 2, and economists expect inflation to rise sharply to 3.7%.

Germany's inflation rate hit its highest level in nearly three years, putting further pressure on the ECB to raise interest rates. Consumer prices in Germany rose 3.3% year on year in September, higher than economists' median forecast of 3.2%. Rising energy prices are a major factor driving the acceleration of inflation. The German domestic indicator for measuring potential price pressure remained unchanged at 2.4%. Earlier, France, Italy, and Spain all released unexpectedly strong overall inflation data; among them, Spain's inflation rate had risen to 5% due to soaring fuel costs caused by the Iran conflict. Eurozone overall inflation data is due to be released on October 2, and economists expect inflation to rise sharply to 3.7%.