With an inflation rate of 9.4 percent, July was the highest inflation rate since February 1975. In August, the share price remained almost constant at 9.3 percent.
Fuel prices, which fell 10.4 percent from the previous month, were responsible for the minimal leveling off of the price increase. However, the upward trend in prices continued for household energy, food and gastronomy.
Without the current development of fuel prices, consumer price inflation (CPI) would be 9.9 percent, the statisticians write in a press release. The 0.2 percentage point increase from the flash estimate at the beginning of the month is mainly due to late data from apartment maintenance and repair.
Inflation soon at 15 percent?
Experts expect inflation to reach double digits by the fourth quarter at the latest. “In the most likely scenario, we see an inflation of 15 percent because producer prices for companies average 30 percent,” said Gerald Zmuegg, general manager of the Finanzombudsteam advisory platform.
Inflation remains high worldwide
According to a recent study by the Leibniz Institute for Economic Research at the University of Munich (Ifo), global inflation will decline slightly in the coming years, but will remain high in a long-term comparison. For this year, economists from more than 100 countries expect an average of 7.7 percent.
In comparison, in other countries, such as Poland, inflation was 16.1 percent in August and as high as 80.2 percent in Turkey.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
