The increase in fuel prices reached a new record in German history in March. According to the Federal Statistical Office, consumers had to pay an average of 41.9 percent more for petrol and as much as 62.6 percent more for diesel at the pumps than a year earlier.
Fuel prices – price increase higher than in the two oil crises
Diesel and petrol have become extremely expensive with the start of the war in Ukraine. There have already been strong price increases for fuels in the past, namely in the oil crises of 1974 and 1980, as well as the economic crisis of 2008/2009. “However, the year-on-year increase in consumer prices for fuels was not higher than in March 2022 in any of these crises,” reads the summary of the Federal Statistical Office.
In the first oil crisis in 1974, fuel prices rose by a maximum of “only” 32 percent within one year. In the second oil crisis in 1980, the increase was even slightly lower at 28 percent. During the financial and economic crisis of 2008/2009, there were only strong fluctuations in fuel prices. However, this did not lead to a prolonged price increase.
Gas price at all-time high
The price of gas rose even more sharply than fuel prices. In the previous crises, the gas price rose with a certain delay. But none of the earlier crises drove the price of gas to the record level it reached in February this year. The increase was a whopping 256 per cent over the previous year. This means that the gas price in February was at a new all-time high.
Producer price increased by over 30 percent
The drastic increase in energy prices is also pulling up producer prices. Prices for commercial products rose by an average of 30.9 per cent in March compared to the previous year in the statistics of the Federal Office. According to the Federal Statistical Office, this is the strongest increase since the survey began in 1949. After fuel and gas prices, prices for electricity, by 85 per cent, and heating oil, by 130 per cent, have also risen.
Double-digit food inflation rate
The Federal Statistical Office puts the increase in food prices at 12.2 per cent. The main food price drivers were oil with 72 per cent, butter with 56 per cent and coffee with a 20 per cent price increase.
Consumers should, however, be prepared for further increases in food, as fertiliser prices have also risen drastically, by 87 percent. The corresponding price increase will eventually reach the consumer with a certain delay.
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