According to the report from IFO, the German IFO Business Climate Index worsened to 98.8 in September versus last month's 99.4 and the consensus estimates of 98.9.

Meanwhile, the Current Economic Assessment arrived at 100.4 points as compared to last month's 101.4 and 101.8 anticipated.

The IFO Expectations Index – indicating firms’ projections for the next six months, dropped to 97.3 in September from the previous month’s 97.5 reading. Economists had expected a decrease to 96.5.

Following the release, the IFO’s Economist Klaus Wohlrabe said that “supply shortages in industry sector worsened in September.”

"No sign that shortages will ease. Supply crisis to last until at least end of the year. Upward trend in construction sector continues". - Wohlrabe said.