**As seen in Risk In The Week report 09/23/22, subscribe at cablefxm.co.uk/reports
Final German consumer prices showed HICP closing the gap to a double-digit print, the Y/y figure came in line with estimates at 8.8%, while the month-over-month accelerated 0.4%. On a monthly basis, household energy came in at 2.6% and faster than the previous, food eased from July to 1.5%, petrol prices dropped by 4.4%. German rents are up double digits on a Y/y basis, the August reading saw the component accelerating to 11.5% from 10.8%, household energy is higher by 46.4% Y/y and faster than in July. The most recent survey compiled by Bloomberg showed 2022 HICP revised higher to 8.2% from 7.8% Y/y, the same survey projects the German economy contracting during both 4Q22 and 1Q23. The figure is finally breaching the 10% mark in September, one month ahead from what some desks have pencilled. The team at Bloomberg Economics say that the end of public transport subsidy program and the tax cut on road fuel may push Germany consumer prices by almost 1 percentage point in September, they see core inflation rising to 3.8% Y/y from 3.4%.
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