New high for Germany
In September 2022, the inflation rate in Germany rose to +10.0 percent. The month before, it was still +7.9 percent. As Dr. Georg Thiel, President of the Federal Statistical Office (Destatis), explains, the ten percent inflation rate is a new high for Germany.
In particular, he said, the substantial price increases for energy products were responsible for the high inflation. “But we are also increasingly observing price increases for many other goods, especially food. In addition, the expiry of the 9-euro ticket and fuel rebate have exacerbated the upward price trend in September 2022,” Thiel added.
Furthermore, there was a 1.9 percent increase in consumer prices in September compared to August 2022.
Increases in the price of energy products
Energy products became 43.9 percent more expensive in September compared to the same month last year. Here, the prices for household energy in particular increased by 51.8 percent. Prices for light heating oil also doubled by +108.4 percent and natural gas prices increased by 95.1 percent.
As Destatis further reports, fuel prices also rose by 30.5 percent. In August, inflation was still at 16.5 percent. The price increase was partly due to the expiry of the reduced mineral oil tax.
Food prices rise significantly
September 2022 also saw a significant 18.7 percent year-on-year increase in food prices. There were price increases in all food groups.
Edible fats and oils increased significantly by 49.0 percent, and prices for dairy products and eggs also rose by 29.1 percent. Meat and meat products increased in price by 19.5 percent, while bread and cereal products rose by 18.5 percent.
Price increases for goods and services
Overall, the price of goods increased by 17.2 percent compared with the previous year. Prices for consumer goods in particular rose significantly by 23.3 percent. Furthermore, the prices of consumer durables increased by 5.9 percent.
Services experienced a 3.6 percent year-over-year price increase in September 2022. In particular, prices for housing maintenance and repair increased by 13.9 percent.