Energy drove up inflation in Germany - The consequences of the war in the Middle East have begun to be felt
German inflation rose to its highest level since January 2024 in March, as a rise in energy prices driven by escalating tensions in the Middle East added costs across the economy, official data showed.
The inflation rate rose to 2.7 percent in March, up from 1.9 percent in February and around 2 percent in recent months, according to the Federal Statistical Office (Destatis).
Energy prices rose by 7.2 percent year-on-year, reversing a downward trend and marking their first increase since December 2023, Destatis said. In contrast, price increases in services and food remained largely unchanged.
The data underscores a renewed inflationary impulse from energy costs, which had eased after rising during the Russia-Ukraine conflict, but remain above pre-crisis levels.
In a monthly report published last week, the Deutsche Bundesbank warned that rising energy prices linked to the conflict in the Middle East were affecting both businesses and households and could drag down Germany's economic growth in the first half of the year.
The central bank expects inflation in Europe's largest economy to rise further in the coming months, potentially reaching around 3 percent in the short term. A prolonged conflict could keep inflation high for longer, she added.
Higher oil, gas and even electricity costs are also affecting German companies' pricing plans. A study by the Munich-based ifo Institute on Monday showed that the price expectations index rose to 25.3 points in March from 20.3 the previous month, reaching its highest level in three years.
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