Food prices continue to be the main driver of inflation in Germany

By: Trademagazin Date: 2023. 06. 13. 12:17

In Germany, inflation continued to slow down in May, according to the final data of the Federal Statistical Office (Destatis) presented on Tuesday.

Consumer prices increased by 6.1 percent year-on-year in May. Inflation in Germany was still 7.2 percent in April, 7.4 percent in March, and 8.7 percent in February and January.

Compared to April, consumer prices in Germany fell by 0.1 percent in May. A monthly price increase of 0.4 percent was measured in April, 0.8 percent in March and February, and 1 percent in January.

In May, the price of energy products increased by 2.6 percent year-on-year, which is, however, a slowdown after April’s 6.8 percent. In May, for example, the price of natural gas increased by 25.6 percent and that of district heating by 11.4 percent, while the price of heating oil decreased by 30.5 percent and that of motor fuels by 14.2 percent.

Food prices continue to be the main driver of inflation. In May, food prices increased by 14.9 percent compared to last May, which is a slowdown after 17.2 percent in April. In May, dairy products (+28.2 percent), bread and cereals (+19.3 percent), and fish, fish products and seafood (+19.0 percent) rose in price the most compared to last May.