The rate of inflation in Germany is expected to be at 8.7 per cent in February 2023, while consumer prices are expected to increase by 0.8 per cent on January 2023, as per the Federal Statistical Office (Destatis). The country had experienced an 8.7 per cent year-on-year (YoY) increase in its consumer price index (CPI) in January 2023.

Energy prices have increased considerably since the war started in Ukraine and have had a substantial impact on the inflation rate. To limit the increase of energy product prices, measures of the federal government’s third relief package have been adopted which are reflected in the CPI. Despite the relief measures, energy prices were 19.1 per cent higher in February 2023 than in February 2022, according to a press release by Destatis.

Energy product prices in January 2023 were 23.1 per cent YoY higher despite relief measures. The prices of goods (total) were up 12.7 per cent in January 2023 compared with the same month a year earlier. Prices of durable consumer goods were up 6.2 per cent on the same month of the previous year.

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Germany's inflation rate in Feb 2023 may stand at 8.7%: Destatis