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February Energy Prices in Germany Rise by a Further 22.5%, Driving Inflation Up Further

The Federal Statistical Office (Destatis) reported that the inflation rate in Germany rose more strongly in February than in January. At that time, inflation reached its highest level since summer 1992.

The consumer price index (CPI) rose by 5.1% year-on-year, and on a monthly basis, the CPI was 0.9% higher than a year earlier.

Energy prices, in particular, continued to rise sharply. Energy prices increased by 22.5%, compared with 20.5% in January 2022. Prices for fuels rose by 25.8%, light heating oil by 52.6%, natural gas by 25.7%, and electricity by 13%. The increase in the CO2 tax from €25 to €30 per ton of CO2 also played a crucial role.

Food prices also continued to rise. Fresh vegetables increased in price by 11% and dairy products and butter by 6.7%. In addition, prices for vehicles rose by a further 7.8% and for coffee products by 6.7%.

The increase in the consumer price index is attributed to shipping bottlenecks and rising commodity costs as the economy recovers from the COVID-19 pandemic.

The war between Russia and Ukraine had no impact on the February figures.

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