German preliminary CPI accelerates to 3.3% in September, beating forecasts

Germany's preliminary annual Consumer Price Index climbed to 3.3% in September 2026, topping market forecasts of 3.1% and accelerating from 2.9% in August. On a month-on-month basis, consumer prices rose 0.6%, while the Harmonised Index of Consumer Prices reached 3.3% year-on-year against a 3.2% consensus. Earlier state-level readings from Saxony, North Rhine-Westphalia, Bavaria, and Baden-Württemberg had flagged upside pressure. The national surge was predominantly driven by energy prices jumping 14.9% year-on-year, whereas core inflation held steady at 2.4%, indicating that broader underlying price pressures remain contained.