German inflation remained at an elevated level of 5.1% in February, with the double-digit growth recorded in energy prices during the month.
EWG is up 3.25% premarket.
The consumer price index posted annual growth of 5.1% in February, following the 4.9% increase recorded in the previous month. The harmonized index of consumer prices climbed by 5.5%
Inflation was driven mainly by delivery bottlenecks and the significant upward movement in prices especially in energy prices, due to the impact of the COVID-19 pandemic and the ongoing conflict between Russia and Ukraine.
Goods prices jumped by 7.9% from the previous year, with energy products surging by 22.5%. This covers motor fuel prices up 25.8%, household energy prices up 20.8%, heating oil up 52.6%, natural gas up 35.7%, and electricity up 13.0%.
Food prices climbed 5.3%, with the highest increases seen in fresh vegetables, and dairy products and butter. Services also grew by 2.8%, led mainly by net rents exclusive of heating expenses.
Compared with the previous month, inflation increased by 0.9%, with energy product prices up 3.1%.