(MENAFN) Food prices in German supermarkets will rise by 10% this year, according to the latest estimate by worldwide insurance giant Allianz Trade, according to Germany's Handelsblatt newspaper on Sunday, May 29th.
According to reports, the increase will cost around USD270 (€250) per person every year. The most recent price increases are being blamed on rising energy, raw material, and manufacturing prices.
“High inflation and post-pandemic declines in in-store grocery sales are putting pressure on grocery retail profitability,” sector consultant at Allianz Trade, Aurelien Duthoit, informed the newspaper. “In this respect, the price increases are likely to have a significant impact on consumer prices in the near future.”
As shown in a poll conducted by the Ifo Institute for Economic Research in Munich, 9 out of 10 food merchants want to hike prices more as the cost of power, raw materials, and industrial products rises.
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