Inflation in Germany exceeded the five percent mark again in February.
Fueled by high energy prices, consumer prices rose by 5.1 percent compared to February 2021, according to an initial estimate by the Federal Statistical Office in Wiesbaden on Tuesday. The annual inflation rate was 4.9 percent in January 2022 and 5.3 percent in December 2021. Compared to the previous month, consumer prices rose by 0.9 percent in February.
Household energy and fuel rose by 22.5 percent within a year in February. The war in Ukraine, which immediately caused price increases for crude oil and natural gas on the commodity markets, could further heat up energy prices and thus inflation overall.
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“A five before the decimal point of the inflation rate for 2022 as a whole is currently more likely than a three,” forecast Timo Wollmershäuser, the economic expert at the Munich Ifo Institute. Higher inflation weakens the purchasing power of consumers because they can then buy less for one euro than before.