Inflation in Germany increased by 0.8% monthly in February to 8.7% on an annual basis. Food inflation has increased by 21.8% since February 2022, while energy prices have increased by 19.1% in the last year.
Germany, which has the strongest economy in the Euro Zone, is going through an inflation process that it has not seen for many years. Food is the main cause of inflation in the country.
Interest rates are rising
The rise in prices in Germany is also seen in all member countries of the Eurozone. The European Central Bank began raising interest rates in the second half of 2022 to rein in inflation. Continuing to increase interest rates in the first meeting of 2023, the bank is expected to continue the series of 50 basis points in March.