As the global food crisis worsens, wholesale prices in Germany have spiked, seeing their greatest yearly rise in 60 years.
As the global food crisis worsens thanks to the ongoing war in Ukraine, wholesale prices in Germany have spiked, seeing their greatest yearly rise in 60 years.
The wholesale costs of fuel, minerals and food in Germany have seen their greatest yearly rise in 60 years, prompting fears of stock shortages and sky-high prices. Germany — along with a host of other European countries — is already experiencing chronic shortages of a variety of products, including the likes of flour and sunflower oil, with food manufacturers, in particular,The worst is still yet to come, though, according to a
by German Federal Statistics Office Destatis which records the cost of wholesale goods as having gone up 22.6 per cent in March 2022 compared to March last year.“The high rates of change for wholesale prices mainly derive from increased prices for raw materials and intermediate products,” the federal office’s report reads. “These results refer to the reference date 5 March 2022 and should therefore contain first implications deriving from Russia’s attack on Ukraine.
“The largest impact on the annual rate of change in March 2022 had the price increase in wholesale trade of mineral oil products ,” the report continues. “The high price increase in wholesale trade of solid fuels as well as metals and metal ores also contributed to the high rate of change in March 2022.”of meat up an average of over ten per cent, while the wholesale cost of eggs, dairy products, cooking oils and dietary fats saw a hike of 22.6 per cent.
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