Germany recorded a 3-decade high, 10% in September.

Surging inflation has stolen the purchasing power of the average person across the globe, resulting in a cost-of-living crisis. Inflation rates across the Eurozone member states have been shooting upward in the last few years due to factors like the ongoing energy crisis and the uncertain macroeconomic outlook of the region.

The German inflation rate hit 10% in September, the highest in over three decades. There has been a significant rise from August’s 7.9%. Note that inflation has been over 7% for the last seven months.

Subsequently, the Federal Statistical Office reported on Thursday that harmonized consumer prices (used to make international comparisons) for the country. They were 10.9% higher year-over-year in September; a variety of factors led to the surge, said the President of the Federal Statistical Office, George Thiel. The main reasons, he said, are still enormous price increases for energy products. And there is an increase in the prices of many other goods, especially food. Additionally, the expiry of the 9-euro ticket and the fuel discount fueled the price increase in September 2022.

Net inflows into German digital asset investment products related to cryptocurrencies were recorded last week, despite the increasing prices. The country concerned has the biggest positive flows, totaling $2.9 million, indicating that institutions there have been adopting cryptocurrency.

However, in Canada, Sweden, and the like, institutional holders are selling off their cryptocurrency holdings, contributing to rampant pessimism. The prolonged crypto winter continues in the crypto market, with bears ruling the sector.