Inflation in Germany increased to 9.3 percent in February, up from 9.2 percent in January, preliminary data published by the German statistics office showed Wednesday.
The acceleration in price growth goes against the forecasts of many analysts, including ZEW economist Friedrich Heinemann, who last month said he expected Germany’s inflation had peaked in January, and raises questions about how long the European Central Bank will continue raising interest rates.
“Energy and food prices, in particular, have increased considerably since the war started in Ukraine and have had a substantial impact on the inflation rate,” the statistics office said in a press release. Food prices showed “above-average growth” in February, accounting for a rise of 21.8 percent.
Despite the German government’s relief measures to limit the increase of energy product prices, energy prices were 19.1 percent higher in February 2023 than in February 2022, the office stated.
Non-harmonized, national data showed inflation rising 8.7 percent on the year.
