German September PPI rises 6.7% YoY, above 6.3% forecast

The upside surprise matters less than the acceleration itself: pipeline pressure is building again after cooling, and both the annual and monthly readings beat consensus by a similar margin, suggesting the miss is broad rather than a one-off component. This lands squarely on the ECB's inflation read and on euro-area rate expectations, which have driven crypto and RWA risk appetite all year. The open question is whether this is a single month's energy or base-effect distortion or the start of a re-acceleration trend—next month's print, and whether it feeds into headline CPI, is what to watch.