As expected, the increase in consumer prices in Germany weakened somewhat in March. The annual inflation rate was 7.4 percent last month, the Federal Statistical Office (Destatis) said on Thursday, thereby confirming a previous estimate. In January and February, the inflation rate was 8.7 percent. According to the Wiesbaden authority, consumer prices rose by an average of 0.8 percent compared to February.
The price increase for clothing and shoes was comparatively moderate. Compared to March 2022, products in this category have increased in price by an average of 4.4 percent. Compared to the previous month of February, prices increased by 4.5 percent due to the usual seasonal effects.
According to the statistics authority, the main reason for the slight decline in the inflation rate was the lower price increase for energy products (+3.5 percent) compared to the previous months. Food, on the other hand, was significantly more expensive than in the same month of the previous year (+22.3 percent).
Ruth Brand, President of the Federal Statistical Office, summarized the latest development. “Inflation has moderated but remains at high levels,” she said in a statement. “For private households, the renewed increase in food prices in March was particularly important.”