Prices for food in German grocery stores will keep growing and are set to surge another 10% this year, Germany’s Handelsblatt newspaper reported on Sunday, citing the latest analysis by international insurance company Allianz Trade.
In monetary terms, the surge will reportedly total €250 per person per year. The latest price hikes are attributed to the increasing costs of energy, raw products and production goods.
“High inflation and post-pandemic declines in in-store grocery sales are putting pressure on grocery retail profitability,” Aurelien Duthoit, sector consultant at Allianz Trade told the newspaper. “In this respect, the price increases are likely to have a significant impact on consumer prices in the near future.”