Food is the new gas
Food prices are rising faster than energy. This was announced by the Federal Statistical Office. Sugar is the leader with a price increase of around 70 percent.
NFood replaced energy costs as the main driver of inflation in February. As reported by the Federal Statistical Office in Wiesbaden, food prices rose by 2.4 percent compared to the previous month, while energy prices remained largely stable. Vegetables rose particularly sharply (12.5 percent). Overall, inflation was 0.8 percent month-on-month.
The Statistics Office confirmed its first inflation estimate for February. Year-on-year, the inflation rate was 8.7 percent. Food prices increased by 21.8 percent within a year, and energy by 19.1 percent.
In terms of food, the prices of eggs (35.3 percent) and bread and cereal products (24.3 percent) rose particularly sharply. Individual groceries became even more expensive. The price of sugar, for example, rose by 69.9 percent.
According to the Federal Statistical Office, without taking energy costs into account, inflation was 7.6 percent. If the costs for groceries are also excluded, it is reduced to 5.2 percent. “Nevertheless, the inflation rate excluding energy and food shows that inflation is also high in other goods sectors,” the statisticians explained.
The prices for body care products (15.1 percent), beer (9.6 percent), furniture and lighting (10.3 percent) and used cars (10.1 percent) have risen sharply. The prices for services as a whole were 4.7 percent higher in February than in the same month last year.