Food Price Inflation Soars to Record High In Germany

According to the nation's statistical office, food price inflation in Germany rose to its highest level on record in July even if the general pace of price growth slowed down a little.

According to Destatis, the Federal Statistical Office of Germany, food costs increased by 14.8% from January to July of this year.

With the increase in July, all food groups have seen price increases in Germany for the fifth consecutive month, according to Destatis.

Several food categories experienced double-digit price increases, including beef (+18.3%), dairy (+24.2%), and edible fats and oils (+44.2%).

German food costs increased by 2.1 percent from one month to the next.

Germany's overall headline inflation rate in July was 7.5%, which was down from the previous peak of 7.9% in May and somewhat lower than the 7.6% recorded in June.

The majority of the country's inflation was caused by high energy prices, with home energy rising by an annual 42.9 percent, heating oil by an annual 102.6 percent, and vehicle fuels by an annual 23 percent in July.

The Federal Statistical Office's president, Georg Thiel, stated in a statement that "price increases for energy items continue to be the fundamental driver for the high inflation."

The so-called "core" inflationary indicator, which excludes food and energy, was 3.2 percent in July.