In September, consumer prices rose less quickly than a year ago. However, food in particular continues to become more expensive – with a few exceptions.
Consumers also had to spend more money on many foods in September. According to the Federal Statistical Office, the price increase for sugar is particularly drastic. Last September it cost 71 percent more than a year ago. Over the same period, olive oil has become 34 percent more expensive, and potatoes and potato products have increased in price by 22 percent.
Overall, however, the increase in food prices has slowed. In September 2023, the prices for food and drink rose by seven and a half percent compared to August the previous year. In August, monthly inflation was nine percent and in July it was eleven percent.
Food continues to drive prices
Overall, food continues to be an important driver of inflation in Germany, writes the Federal Statistical Office. In many areas, inflation would be significantly higher than overall inflation. Overall, consumer prices rose by 4.5 percent in September compared to August this year. This is the lowest monthly inflation since February 2022, the start of the Ukraine war.
Some products have even become cheaper compared to last year. Butter is the most significant factor here. Consumers paid 29 percent less for them than twelve months ago. But sunflower or rapeseed oil and whole milk are also less expensive than a year ago (minus 16 percent, minus seven percent). In general, food prices have increased compared to the base year 2020.
Heating oil and gas are cheaper than a year ago
Energy prices also continued to rise in September – albeit more slowly; compared to September 2022 by six percent. However, there are also cost savings for some energy sources: compared to September last year, light heating oil was 26 percent cheaper, and natural gas also fell in price by five percent. However, these are two of the goods that have increased in price the most compared to the base year 2020. Despite price declines, consumers pay more than twice as much for both energy sources as they did around three years ago.
Federal Economics Minister Robert Habeck (Greens) said today when presenting the current economic forecast that he assumes that prices will ease significantly in the coming year. He expects an inflation rate of 2.6 percent for 2024. Overall, price increases in the Eurozone are declining. In August the inflation rate was around five percent. At peak times last autumn, prices in the euro countries rose by more than ten percent.