German headline inflation has surged to its highest level since December 2023. But the data also sends a clear message to the ECB: there are currently no knock-on effects from higher energy prices on the rest of the economy German headline inflation is almost at a three-year high, coming in at 3.3% year-on-year in September, from 2.9% YoY in August. In December 2023, headline inflation stood at 3.8% YoY. The European inflation measure, more relevant to the European Central Bank, also came in at 3.3% YoY. While at face value these inflation numbers are a clear concern for the European Central Bank, the fact that core inflation remained unchanged at 2.4% YoY and services inflation even drifted lower to 2.7% YoY from 2.
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