This slightly eased the inflation rate but it remained at a high level. In the previous month, November, the inflation rate was 8.2 percent after final calculation. The inflation rate in December 2022 was below the annual average of 7.1 percent. Compared to November 2022, there was a decline of 0.6 percent in the consumer price index. The current value of the consumer price index is 118.2 (base year 2015=100).
Energy and food prices remain a significant price driver, despite a slight easing in energy prices.
Household energy costs increased by 14.6 percent compared to December 2021. The prices for heating oil rose by 44.9 percent compared to the same month last year. The rate of increase in fuel prices slowed noticeably, but they remain at a high level. Fuel was 7.2 percent more expensive than in December 2021. Diesel prices rose by 16.4 percent, and gasoline prices by 3.0 percent. Switching to solid fuels, such as wood pellets or firewood, also required significantly higher expenses: prices for these in Saarland increased by 68.6 percent. The “December one-off payment” to relieve private households from the sharply rising prices for natural gas and district heating, as part of the German Federal Government’s third relief package, had a dampening effect on consumer prices. However, this dampening effect on consumer prices is only partial, as not all private households benefited from the measure in December 2022. In particular, tenants without their own gas and district heating contracts receive the relief later, for example, through a refund or as a credit on the annual cost statement. All refunds or credits that cannot be directly attributed to the reporting month of December are not considered in the consumer price index.
Compared to December 2021, food prices in December 2022 increased significantly by 18.4 percent. Thus, the price increase was more than twice as high as the overall inflation. Price increases were recorded in all food categories. Edible fats and oils were disproportionately expensive (+40.8%), with prices for butter rising by 42.7 percent. Consumers also paid considerably more than in December 2021 for dairy products and eggs (+36.4%) as well as for bread and cereal products (+19.0%). Meat and meat products cost 17.5 percent more. Vegetables were 13.2 percent more expensive, and fruit was 3.3 percent cheaper than in the same month of the previous year.
Guests in restaurants had to spend 11.8 percent more on food and drinks than in the same month of the previous year.
The price increase for clothing and shoes was moderate. Here, the price level was 4.5 percent higher than a year ago.
Net cold rents, which account for about one-fifth of the average consumer expenditures of private households, rose by 2.0 percent.
