Inflation rises 3.8% to batter Germany as ‘sick man of Europe’ faces ‘crisis’
Inflation in Germany rose 3.8 percent for the year to October as high prices continue to affect everyday costs.
Ruth Brand, president of the Federal Statistical Office, said: “Consumers are still feeling the higher food and energy prices, which have risen during the extended period of war and crisis.”
This is down from the September figure when inflation was at 4.5 percent with the reat of inflation now at its lowest level since August 2021.
Ms Brand also said: “Currently, the price increase at consumer level is slowing down somewhat. The year-on-year rate of increase in food prices has continued to fall, and the prices of most energy products were even lower compared with the previous year.”
Julian Jessop, economics fellow at the Institute of Economic Affairs, told Express.co.uk previously: “Even the Germans agree that Germany is the sick man of Europe! This has been a theme in the local press for many years.
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“There are many problems, but the three most important are a failed energy policy, excessive dependence on export-led manufacturing, and overreliance on cheap migrant workers.
“These have been cruelly exposed by Russia’s invasion of Ukraine, the slowdown in China, and the loss of many foreign staff who returned home during COVID-19 and have not returned.”
The latest figures from Destatis show energy product prices in Germany in October fell by 3.2 percent compared to a year ago.
Households energy prices increased by 0.1 percent compared to a year ago while costs for heating oil and natural gas fell 28.2 percent and 13 percent respectively. The price of electricity increased by 4.7 percent.
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