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German consumer prices, harmonized to compare with other EU countries, rose by an annual 9.3% in February, exceeding expectations of a 9.0% increase and slightly higher than a 9.2% rise in the previous month, preliminary data from the Federal Statistics Office showed on Wednesday. Compared to January, prices increased by 1.0%, Destatis added, also beating forecasts of a 0.7% month-on-month rise.

  • Zoom in: Despite relief measures, energy prices in February were 19.1% higher on the year, while food prices surged by 21.8%. The so-called core inflation –which excludes volatile energy and food prices– rising to an estimated 5.8% from 5.6%.
  • Meanwhile: The seasonally adjusted rate of unemployment in Europe’s largest economy stood at 5.5% in February, unchanged for a sixth consecutive month and in line with market expectations, reflecting firm labor market conditions.

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02 Mar 2023

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