German food and energy prices push inflation to new highs in October

Inflation last month was 10.4 percent compared to the same month last year, announced the Federal Statistical Office on Friday

editor: REMIX NEWS
author: REMIX NEWS
A gas station is pictured at a highway near Frankfurt, Germany, Tuesday, Nov. 1, 2022. (AP Photo/Michael Probst)

In Germany, rising food and energy prices catapulted inflation to a new high in October, Welt reported. Inflation last month was 10.4 percent compared to the same month last year, as the Federal Statistical Office announced on Friday, thereby confirming an initial estimate from the end of October. Excluding food and energy, inflation would have been just 5 percent.

Energy prices rose by 43 percent due to the global increase in purchase prices, with the price of natural gas more than doubling, up 109.8 percent. District heating became more expensive by 35.6 percent. The prices of firewood, wood pellets, and other fuels increased by 108.1 percent, statisticians said. Heating oil was 82.8 percent higher than in the same month last year, electricity was 26.0 percent more expensive, and gasoline cost 22.3 percent more.

The statisticians also observed price increases in all food groups: Edible fats and oils (up 49.7 percent), dairy products and eggs (28.9 percent), vegetables (23.1 percent), and bread and cereal products (19.8 percent) were particularly expensive. Overall, food prices increased by 20.3 percent.

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