German inflation confirmed at 2.3% in February #NewsGerman

Consumer prices in Germany were 2.3% higher in February than in the same month of the previous year, mirroring January figures, the Federal Statistical Office, or Destatis, announced on Friday, confirming a preliminary estimate.

Rising costs for services and groceries kept inflation above the 2% mark in February, the office said.

The downward influence came from energy prices, which were 1.6% lower over the year, Destatis said. Food prices have accelerated once again, increasing by 2.4%, slightly above the general inflation rate. This was the highest rate of increase since January 2024.

At the start of the year, the pace of price increases slowed after three consecutive rises.

In December, the inflation rate was still at 2.6%.

From January to February of the current year, goods and services became 0.4% more expensive, Destatis said, further confirming preliminary data.

Many economists anticipate that inflation in Germany will decline over the course of the year, albeit perhaps not as rapidly as initially hoped.

Higher inflation rates reduce the purchasing power of individuals, as they are able to afford less for each euro.