German consumer prices accelerate unexpectedly in September

Consumer price gains in Germany accelerated unexpectedly in September on the back of higher energy costs.

According to a preliminary estimate from the Office of Federal Statistics, on a harmonised basis the year-on-year rate of gains in consumer prices in the euro area's largest economy picked-up from 1.9% for August to 2.1% in September (consensus: 1.9%).

Energy prices rose at a clip of 7.7% last month, after a rise of 6.9% in August.

Food was also dearer, with prices increasing at a pace of 2.8%, which was up from 2.5% in the month before.

Services also grew more expensive, with their prices increasing at a clip of 1.5%, versus 1.% during the previous month.

The rate of increase in net rents, excluding heating costs, on the other hand slipped from 1.6% to 1.5%.