Germany: Prices hit record highs – more to come

by time news

In 2021, the rise in prices for imported goods in Germany was a record for the last 40 years. According to the Federal Statistical Office, in October 2021, prices increased by 21.7%, and in November by 21.3% compared to the corresponding time in 2020. This is the highest rate since 1980, when the price of imported goods increased by 21.8%. Compared to the previous months of 2021, prices increased by 3.8%. Compared to last year, the price of green coffee (by 60.8%) and grain (by 32.5%) went up significantly.

Experts attribute this to the influence of the energy crisis, which caused an intensive rise in energy prices, as well as an increase in the cost of raw materials and semi-finished products. Significantly (almost three times compared to 2020!) the price of natural gas increased; about 60% more expensive steel, wood and aluminum.

In addition, inflation in Germany in December 2021 exceeded the 5% mark for the first time in almost 30 years. According to preliminary data from the Federal Statistical Office, in January 2022 it reached 5.3%, which was a record value since 1992. In this regard, prices for goods increased by 7.9%, for food – by 4.5%, for services – by 2.8%.

Experts believe that one of the main reasons for the acceleration of inflation is the increase in energy prices – by 22.1% compared to the same period in 2020. Analysts warn that the rise in prices will continue further.

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