The costly shock continues – and is visibly on the pockets of the Germans!
Inflation also increased in April: consumer prices were 7.4% higher than in April 2021 – the highest level since German reunification! In March, the annual inflation rate had already climbed to 7.3%.
And there is no improvement in sight: according to economists, Germans must continue to adjust to high inflation rates for the time being. For 2022 as a whole, economists recently expected an average inflation rate of over 6% in Europe’s largest economy.
Above all, the sharp rise in energy prices is fueling inflation, which rose 35.3% compared to the same month last year.
► The prices of light fuel oil almost doubled: over 98.6%!
► Also for Sprit (plus 38.5 percent) consumers had to pay significantly more.
► The price of natural gas (up 47.5%).
The last time in the former federal states was in the fall of 1981, the rate was just as high following the first Gulf War between Iraq and Iran.
Food prices rose 8.6%, above average.
► Prices have particularly increased for, among others, edible fats and edible oils (27.3%)
► Also meat and meat products (11.8 percent) has become significantly more expensive.
► The prices of dairy products and eggs as well as fresh vegetables increased by about nine percent.
► In monthly comparison, package travel prices increased by almost 18% for seasonal reasons.
►Alcoholic beverages and tobacco products were below average more expensive (3.3%), as well as Clothes (3.4 percent).
With inflation soaring, the likelihood of a Eurozone rate hike this summer is increasing. Several members of the European Central Bank’s highest decision-making body, the ECB Council, have recently not ruled out a July increase. Bundesbank President Joachim Nagel warned: “Since inflation in the eurozone is still high, we need to act.
By Robert Becker