Inflation: Meat is not a price driver
Inflation

Meat is not a price driver

Kim Nguyen / Aichinger
According to Destatis, the average price increase was lowest for meat, meat products and sausages in the food segment.
According to Destatis, the average price increase was lowest for meat, meat products and sausages in the food segment.

GERMANY, Wiesbaden. Destatis has confirmed its estimate for food inflation in November. Consumers will have to dig deeper into their wallets for coffee, tea and dairy products.

The Federal Statistical Office has confirmed its estimate for food inflation in November; compared with the same month last year, prices rose by 4.5%. In October, the relevant inflation rate had been 4.4% and in September 4.9%. The Wiesbaden statisticians put the general inflation rate for the previous month at 5.2%; this was the highest level since June 1992.

The high inflation rates in the second half of 2021 were justified, among other things, by base effects due to low prices in the previous year. The temporary reduction in VAT rates in the second half of 2020 and, in particular, low prices of petroleum products in the previous year, which had reached lows in November, had a driving effect on overall inflation. In addition, there were increasingly crisis-related effects such as supply bottlenecks and significant price increases at upstream economic stages.

In the food segment, according to Destatis, consumers had to dig deeper into their pockets in November 2021 for coffee, tea and cocoa as well as for dairy products and eggs; these goods were offered in shops at an average price of 7.3% and 6.4% higher, respectively, than a year ago. Compared to the previous year, vegetables as well as fish, fish products and seafood also became more expensive, namely by an average of 5.8 and 5.6% respectively.

For bread and cereal products as well as edible fats and oils, the average price increase determined by Destatis in November 2021 compared with the same month of the previous year was 5.3 and 4.8%, respectively. Prices for sugar, jam, honey and other confectionery rose by an average of 3.5%. The lowest average price increase was for meat, meat products and sausage, as well as fruit, which still rose by 3.2% in each case.

Source: fleischwirtschaft.de; AgE

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