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Germany's inflation rate remains high at 7.4% in March 2023: Destatis

14 Apr '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • Germany's inflation rate stood at 7.4 per cent in March this year, according to government data.
  • In both January and February, the inflation rate was 8.7 per cent.
  • Consumer prices in March were up by 0.8 per cent over February figures.
  • Energy product prices were up by 3.5 per cent year on year (YoY) in March, while goods prices were up by 9.8 per cent YoY.
The inflation rate in Germany stood at 7.4 per cent in March this year, according to the Federal Statistical Office (Destatis). In both January and February, the inflation rate was 8.7 per cent. “The rate of inflation has slowed but remains at a high level”, said Destatis president Ruth Brand.

“Households felt especially the impact of yet another rise in food prices in March,” she added.

Consumer prices in March were up by 0.8 per cent over February figures.

Energy product prices were 3.5 per cent higher in March than a year earlier. The increase in energy product prices thus slowed considerably, remaining below the inflation rate. It stood at 19.1 per cent in February and 23.1 per cent in January.

A particularly large increase was again recorded for household energy prices from March 2022 to March 2023 (21.9 per cent).

The prices of goods were up by 9.8 per cent in March this year compared with the same month a year earlier. The price increase was particularly large for non-durable consumer goods (11.9 per cent), which was mostly due to the rise in food prices.

ALCHEMPro News Desk (DS)

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