The German food industry saw a 17.3% year-on-year increase in sales to €18.9 billion in October 2022, according to the latest data from the Federation of German Food and Drink Industries (BVE).
The growth was driven by rising sales prices in Germany and abroad, while price-adjusted sales declined by 5% compared to the same month last year.
In Germany, food manufacturers generated sales of €12.1 billion, registering an increase of 18.5% on the previous year's result.
With sales prices rising by 23.3%, the industry recorded a decline in sales of 3.8% in October 2022, BVE noted.
In foreign markets, the sector generated €6.8 billion in sales, registering 15.3% growth compared to the same period in 2021.
The increase in sales was due to rising export prices of 23.9%, while sales were down 6.9%.
In October, the seasonally adjusted production index fell by 1.1% compared to the previous year.
In November 2022, food and non-alcoholic beverage prices increased by 0.5% compared to the previous month, while general consumer prices fell by 0.5%.
Food prices, including non-alcoholic beverages, increased by 19.7% on a year-on-year basis, while general consumer prices grew by 10.0%.
Read More: 10 Most Popular Food Brands In Germany
German consumer sentiment is set to extend its recovery heading into the new year as government relief measures meant to take the bite out of soaring energy prices seem to be having an effect, according to a GfK institute survey in December 2022.
The institute said its consumer sentiment index rose to -37.8 heading into January from a slightly revised reading of -40.1 in December, and above forecasts from analysts polled by Reuters of -38.0.
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