Germany sees strong surge in energy prices in Feb: Destatis

01 Apr '22

1 min read

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In February 2022, energy prices in Germany rose strongly year on year (YoY) at all stages of the economic process. Imported energy cost 129.5 per cent more than in the same month of the previous year, the prices of energy produced in Germany were up by 68 per cent, and consumers had to pay 22.5 per cent more for household energy and motor fuels than in February 2021, according to the Federal Statistical Office (Destatis).

Since Russia’s attack on Ukraine, the prices of natural gas and mineral oil products have markedly increased again and have had a considerable impact on the high rate of inflation.

The inflation rate in Germany is expected to be 7.3 per cent in March 2022 and consumer prices are expected to increase by 2.5 per cent on February 2022.

A similarly high inflation rate in Germany was last recorded in autumn 1981 when mineral oil prices had sharply increased, too, as a consequence of the first Gulf War.

Additional factors in February are delivery bottlenecks due to interruptions in supply chains caused by the COVID-19 pandemic and the marked increases in energy product prices at upstream stages in the economic process, Destatis noted.

Fibre2Fashion News Desk (DS)

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