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Pedestrian zone in Munich: Hoping for some relaxation
Photo: IMAGO/Wolfgang Maria Weber
Inflation in Germany was higher than ever in 2022.
Consumer prices increased by an average of 7.9 percent, as reported by the Federal Statistical Office on Tuesday.
It thus confirmed an initial estimate from the beginning of January.
"The historically high annual inflation rate was mainly driven by the extreme price increases for energy products and food since the beginning of the war in Ukraine," said the new president of the statistics office, Ruth Brand.
There has never been a greater plus in reunified Germany.
The old record for West Germany of 7.6 percent from 1951 was also exceeded.
In 2021, inflation was 3.1 percent.
Most experts predict a slight relaxation for the current year.
The Institute for the World Economy (IfW) expects 5.4 percent.
The unexpectedly strong decline at the end of the year gives hope that the sharp rise in prices will subside: Lower energy prices and the state advance payment for natural gas only allowed consumer prices to climb by 8.6% in December compared to the same month last year.
Inflation fell to 10.0 percent in November after climbing to a 10.4 percent high in October, the highest since 1951.
From November to December, prices fell by 0.8 percent.
Energy prices rose particularly sharply again in December as a result of the Russian war against Ukraine: it cost an average of 24.4 percent more than in December 2021, after it had even risen by 38.7 percent in November.
Oil and, as a result, also petrol, diesel and heating oil have recently cost significantly less on the world markets.
On the other hand, the one-off payment to relieve private households for natural gas and district heating only had a slightly dampening effect, since not everyone benefited from the measure.
Food rose this time by 20.7 percent and services by 3.9 percent.
mike/Reuters
