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Inflation in Germany decelerated in January after the previous month’s 30-year high, but energy prices continued to soar by double digits.
Source: Destatis
EWG is up 0.19% premarket.
Annual inflation clocked in 4.9% in January, lower than the 30-year high of 5.3% recorded in December. The rate remains elevated due to the impact of delivery bottlenecks and significant price hikes at upstream stages.
Energy product prices soared by 20.5% during the month, higher than the 18.3% in the previous month. The biggest increase was recorded in heating oil which grew by 51.9%, followed by natural gas up 32.2%, and motor fuel prices up 24.8%.
Food prices increased by 5.0% in January, slower than the 6.0% in December, with the steepest climbs were seen in fresh vegetables and dairy products. Non-durable consumer goods were up 9.6%.
Services grew by 2.9%, with net rents accounting for a significant part of household consumption.
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