German inflation remains high at the start of the year

German inflation showed no sign of easing in early 2023 as pressures on energy and food prices remained elevated due to the war in Ukraine. German consumer prices rose by 9.2% year-on-year in January, data from the Federal Statistical Office showed.

By non-harmonised standards, German consumer prices rose 8.7% on an annual basis in January and 1.0%t on a monthly basis. This follows revised inflation rates of 8.1% in December and 8.8% in November. Compared with December, prices rose by 0.5%.

“After a slowdown at the end of last year, the inflation rate remains at an elevated level,” said Ruth Brand, President of the German Statistical Office.

Households paid higher prices in January, especially for energy and food, according to Brand. Energy prices rose 23.1% year-on-year despite government easing measures, while food prices rose 20.2% year-on-year. Excluding energy prices, the inflation rate stood at 7.2% in January.

“We observed price increases in many goods and, increasingly, also in services,” Brand said. Prices of goods rose by 12.7% year-on-year in January and those of services by 4.5%.

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