Germany: Harmonized inflation increases in March
Harmonized consumer prices increased 2.47% over the previous month in March, accelerating from the 0.89% increase logged in February. The print marked the strongest acceleration on record and was driven by stronger growth in prices for clothing and footwear, housing, water, electricity, gas and other fuels, and a jump in transport prices as fuels and lubricants for personal transport equipment prices skyrocketed. This came on the back of a surge in commodity prices due to Russia’s invasion of Ukraine.
Harmonized inflation came in at 7.6% in March, which was up from February’s 5.5%. March’s result represented the highest inflation rate on record. Meanwhile, the trend pointed up, with annual average harmonized inflation coming in at 4.3% in March (February: 3.8%).