The year-on-year inflation rate in Germany stood at 7.3% in March, compared to 5.1% in February, which represents its highest level since the fall 1981, as confirmed by the Federal Statistical Office (Destatis).
“In addition to the Covid-19 pandemic, Russia’s war against Ukraine now also has a marked impact on the rate of price increases in Germany, especially for heating oil, motor fuels and natural gas, as well like some food products,” said George Thielpresident of Destatis.
Likewise, the inflation rate was also pushed up in March by bottlenecks and significant price increases in the initial stages of the economic process as a result of higher energy prices, but also of other goods and services, as a result of the current crises.
In March, the prices of goods increased by 12.3% year-on-year, especially in the case of the prices of energy products, which rose by 39.5%, compared to 22.5% in February. Specifically, heating gas oil rose by 144% and motor fuel by 47.4%, while natural gas prices they increased by 41.8%.
Apart from the crisis, the increase in the price of energy products it was also due to the impact of the increase in the CO2 charge from 25 to 30 euros per tonne, explained Destatis.
On their side, food prices rose 6.2% in March 2022 compared to the same month of the previous year, compared to the increase of 5.3% registered in February.
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Consumers had to pay 17.2% more for edible fats and oilsincluding a 30% rise in the price of sunflower oil, rapeseed oil and the like, while fresh vegetables rose 14.8%.
Without taking into account the impact of energy on inflation, the increase in prices in March was limited to 3.6%, while also excluding the cost of food, the core inflation rate it was 3.4%.