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Wednesday, November 30, 2022
HomeEconomyEnergy and food boost German inflation - At 10.4% for October

Energy and food boost German inflation – At 10.4% for October

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Goods and services cost 10.4% more in October than in the same period last year, the Federal Statistics Service announced.

Inflation reached 10.4%, the highest level since 1951, in October, driven mainly by energy costs and food prices. According to the Federal Statistical Office, the upward trend may continue.

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Goods and services cost 10.4% more in October than in the same period last year, the Federal Statistics Service announced.

In September, inflation was at 10%.

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“The main reasons remain the huge price increases for energy products. But we are seeing more and more increases in the prices of many other goods and services,” pointed out the head of the Agency, Georg Thiel, citing as an example food, which was on average 20.3% more expensive than in October 2021.

In edible fats and oils the increase reached 49.7%, in dairy products and eggs 28.9%, in vegetables 23.1% and in bread and cereal products 19.8%.

However, the main driving force of inflation remains energy, as a result of the war in Ukraine, Mr. Thiel emphasized, and spoke of a 43% increase in prices compared to last year. The reduction of VAT from 19% to 7% for natural gas may have prevented a further increase, he explained.

For households, the price of natural gas increased by 109.8%, while the price for firewood, pellets and other solid fuels increased by 108.1% and for heating oil by 82.8%. The cost of electricity increased by 26% and gasoline by 22.3%.

Consumers should probably be prepared for further price increases in the coming months, as one in two businesses plans to ask their customers for increases in the near future, according to a survey by Munich’s Ifo Institute for Economic Research. The government expects inflation for 2022 to reach 8% and moderate to 7.4% in 2023.

RES-EMP

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Michael
Michael
I have worked in the news industry for over 10 years and have been an author at News Bulletin 247 for the past 5 years. I mostly cover technology news and enjoy writing about the latest gadgets and devices. I am also a huge fan of music and enjoy attending live concerts whenever possible.

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