As of: March 12, 2024, 6:15 p.m
By: Marco Blanco Ucles
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Good news for people in Germany: The inflation rate was 2.5 percent in February 2024 - the lowest value since June 2021.
People are experiencing crisis-plagued years - be it due to the pandemic, the Middle East conflict or the war in Ukraine.
One of the consequences in Germany was the sharp rise in inflation, also in the wake of the energy crisis.
However, the development gives hope for improvement.
In February 2024, the inflation rate was 2.5 percent above the level of the previous month, the
Federal Statistical Office
announced in a press release.
Low inflation can be explained by falling energy prices
It is the lowest inflation value since June 2021, i.e. in almost three years.
Incidentally, sad highs in this category were reached in October and November 2022 - 8.8 percent each.
The low in February 2024 has clear causes: “The energy price situation continues to ease.
The increase in food prices has slowed significantly and is now below overall inflation for the first time in more than two years,” explains Ruth Brand, President of the
Federal Statistical Office
.
Food has recently become more and more expensive due to inflation - but the trend gives consumers hope.
© Martin Wagner/IMAGO
But in addition to the falling energy prices - 2.4 percent less than in the same month last year - there is good news for consumers.
Even going to the supermarket doesn't get dramatically worse.
In February 2024, food prices only rose by 0.9 percent.
For comparison: In November 2023, this value was 5.5 percent.
However, developments vary enormously depending on the product, as the
Federal Statistical Office
points out.
For example, vegetables became a lot cheaper, while olive oil rose massively in price, which even brought black market dealers into action:
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This is how food prices developed
product |
Price development February 2023 to February 2024 |
|---|---|
Fresh vegetables |
10.6 percent cheaper |
dairy products |
5.1 percent cheaper |
sunflower oil |
21 percent cheaper |
Fruit |
5.7 percent more expensive |
jam |
9.9 percent more expensive |
olive oil |
50.8 percent more expensive |
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Falling energy prices and slightly rising food prices are one thing, the price level for services is another.
That was an increase of 3.4 percent compared to the same month last year.
The fact that the number is not even higher is also due to the Germany ticket, which has been valid since May 2023.
As a result, the costs for combined tickets for trains, buses or similar fell by 23.3 percent compared to February 2023.
However, prices for net rent (plus 2 percent), services from social institutions (plus 7.2 percent), maintenance and repair of vehicles (plus 7.1 percent) and prices for insurance (plus 9.8 percent) have increased.