Germany: Inflation in March dipped to 7.4%

Germany: Inflation in March dipped to 7.4%

The inflation rate in the country has dropped to 7.4% compared to February, reported Destatis in a press release yesterday. The provisional data is a steep decrease when compared to the +8.7% inflation in both January and February.

Destatis, or the German Federal Statistical Office, said that the inflation has eased much in terms of energy prices. The food prices though continued to show an above-average growth, that is +22.3%, compared to March last year. 

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Though inflation has seemingly eased a little, economists say that the prices cannot be expected to go down quickly this year. 

There is a bit of another good news. The inflation on rent prices has been at a stable 2% over the course of the past few months. This has been a relief to people who rent their properties in an inflation-ridden country.

It does seem that the people in Germany will be covered on the energy front with lesser prices and the rolling out of the energy relief package. The food prices, the basic essentials to life, do seem to be getting worse. 

Inflation in the Eurozone

In the Eurozone, the collective inflation in march of all the 20 member states dipped sharply to 6.9%. This comes after months of steady increases. In February last month, consumer prices were inflated by 8.5%. 

The energy prices in the Eurozone fell by a whopping 0.9%. This change is stark because of the past trajectory. Energy prices have fallen to their lowest level compared to recent months. The mild winter alongwith the Russian invasion of Ukraine becoming more stable has contributed to this dip. 

There have been increases though. 

Same as with Germany, the food prices, including alcohol and tobacco, have risen 15.4% faster than in February, which was at 15%. Europeans have to pay more for all of these.

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