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German Inflation Accelerates to 5.1% as Energy Prices Surge

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German inflation remained at an elevated level of 5.1% in February, with the double-digit growth recorded in energy prices during the month.

Source: Destatis

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%.

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