The annual growth rate of inflation strengthened in February more than in January, but at a slower pace since December, when it announced the highest rate since the summer of 1992, according to statistics from Destatis.
Consumer prices stood at 5.1% on an annual basis based on national standards, respectively, according to economists.
Based on EU harmonized standards, prices stood at 5.5%, compared to economists’ estimates of 5.4%.
“Inflation remains high despite the fact that the effects of the temporary reduction in VAT rates and the sharp drop in oil prices in 2020 no longer have an impact from January 2022,” Destatis said.
The effects of the crisis, such as supply bottlenecks and significant price increases as the economy recovers, as well as energy prices, continue to keep inflation high.
“These effects are overshadowed by the uncertainties caused by the Russian invasion of Ukraine,” Destatis added.
Consumer prices on a monthly basis, in national and harmonized with EU standards, increased by 0.9%, compared to estimates for 0.8%.
Source: Capital

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