Germany’s average inflation rate increased from 3.1% in 2021 to 7.9% in 2022, a year marked by rising energy and food prices.
Prices are claimed to have increased as a result of several causes, including the Russian invasion of Ukraine and supply shortages brought on by the conflict.
The average inflation rate in Germany reached 7.9% in 2022, the highest level since the country’s reunification in 1990, according to the country’s statistical agency.
The rate for 2022 is more than double that of 2021’s rate of 3.1%, according to a report from the German press agency on Jan. 3.
Rising energy and food prices were among the primary causes of inflation for several months, the survey claims.
The Russian invasion of Ukraine and the resulting supply shortages were apparently highlighted as two major factors that contributed to the record inflation rate by the German Federal Statistical Office (FSO).
In just one year, food costs increased by 20.7%, according to the agency’s assessment.
The FSO records indicate that the monthly rate had decreased to 8.6% in December 2022, despite the fact that it was the nation’s worst overall inflation rate since the 7.6% experienced in 1951.
According to reports, the German government is preparing to give “billions in help” in an effort to lessen the population’s burden of rising costs. Additionally, it seeks to do this by implementing “price controls for electricity and gas.” Some analysts, the paper claims, are hopeful that such measures may aid in reducing inflation in 2023.