Marcel fratzscher, President of the German Institute for Economic Research

Berlin, May 3 Retail food sales in Germany in March were down by 10.3 per cent in real terms, recording the sharpest year-on-year decline since the record keeping began in 1994, the Federal Statistical Office (Destatis) said."The further significant increase in food prices is likely to be a reason for this," Destatis said.Soaring 22.3 per cent year-on-year, food price inflation in March was around three times as high as the overall inflation rate in Europe's largest economy, reports Xinhua news agency.Dairy products and eggs in particular became more expensive, with price going up almost 35 per cent within a year.Vegetables, bread and cereal products as well as fish and seafood also became significantly more expensive, according to official figures."Because of high inflation, large parts of society are cutting back on food, postponing spending and incurring debt," warned Marcel Fratzscher, president of the executive board at the German Institute for Economic Research last week.High inflation as well as the energy crisis had "significantly increased the financial hardships of many people in Germany", Fratzscher said.German food banks already reached their limits at the beginning of the year. Demand for the free food provided has gone up 50 per cent on average across the country.Germany's inflation rate is only expected to decline slightly to 7.2 per cent in April.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Maharashtra Assembly Election 2024

IND vs NZ

PM Narendra Modi

Diwali 2024

Maharashtra Weather Update

Marcel FratzscherFOLLOW

Marcel fratzscher, Latest News

International :German food retailers record largest drop in turnover since 1994

Berlin, May 3 Retail food sales in Germany in March were down by 10.3 per cent in real ... ...