Prices of butter, sugar and bakery products soar in Germany (19459000)
Sugar, bakery and confectionery prices increased by 21.5 % in August, while butter producer prices increased the highest by 34 %.
The price of butter and confectionery increased by +41.7 %, and the prices of canned fruits and vegetables increased by 5.2 %.
The price of canned fruits and vegetables increased month-on-month, but not by more than 5 %. The price of pork decreased, to -11.6 % on an annual basis.
Energy costs in Germany are falling again
The Statistisches Bundesamt reports that the increases come despite a 9.2 per cent drop in electricity prices and a 12.3 per cent drop in natural gas costs.
Since spring of this year, inflation in Germany has been driven up by rising food and service prices. However, energy prices have continued to fall.
Germans have seen a sharp rise in food and drink prices, like many other European countries, following the Covid-19 outbreak and the conflict in Ukraine.
Statista reported that dairy products and eggs would be about 16 percent more expensive in 2023 than they were the previous year. Statista reported that the price of meat and meat products increased by $8.31 billion, while vegetables increased by $131 billion.
European Central Bank cuts interest rates
Wages have risen, but the European Central Bank has also cut the interest rate from the summer peak of 4% to just 3.75%.
Christine Lagarde, President of the ECB in 2014, said: "We will keep policy rates as restrictive as possible for as long as necessary." "[But] we are not committed to any particular rate path."
The German Chancellor Olaf Sholz recently urged the European Commission (EC) to delay the EUDRThe implementation of the new regulation will have significant financial consequences, according to.
The Biden administration of the United States is also known asIn a letter, the EC must address current concerns before applying sanctions.
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