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Germany: Year-on-year inflation at 8.7% in February

March 1, 2023

Consumer prices remained constant at 8.7% higher than at the same time the previous year. The cost of food continued to see the sharpest increase of any sector.

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Euro banknotes
Much of the eurozone continues to experience record inflation levelsImage: K. Schmitt/Fotostand/picture alliance

Germany's federal statistics office Destatis said on Wednesday that February's inflation rate was 8.7%, the same as the previous month.

This dashed hopes consumer prices would continue to decline slightly, as they had in the autumn after a high of 10.4% in October.

Skyrocketing energy and food prices continued to drive the high inflation rate, despite government measures to decrease the energy burden on consumers and the European Central Bank (ECB) gradually raising interest rates to further dampen inflation.

Food prices show 'above average growth'

Energy costs in February 2023 were 19.1% more than the same time in 2022, while food prices were 21.8% higher.

Destatis noted that while energy prices had "eased slightly," food continued to show "above average growth."

Average inflation in Germany in 2022 was 7.9%, a post-war record. Driven by fallout from the COVID-19 pandemic and Russia's invasion of Ukraine, the increase in consumer costs has driven many into poverty across the country despite numerous government rescue packages.

Other leading eurozone economies continue to face the same situation, data showed.

es/ar (AFP, dpa)