Germany’s Federal Statistical Office warns that prices will continue to rise in the coming months
Inflation in Germany has reached record levels since 1951 that have not been seen since 1951. Germany’s Federal Statistical Office (Destatis) announced on Friday that inflation rose to 10.4% in October from 10.0% in September, mainly due to high food and energy prices. “The main cause of the high inflation is the huge increases in energy products,” emphasized Destatis president Georg Thiel. In the year-over-year comparison, they have increased by an average of 42%. Mainly household energy, with an average increase of 55%. Consumers in this country are currently paying 109.8% more for natural gas than a year ago and 35.6% more for district heating and hot water, generated by thermal plants that power entire towns and neighborhoods in cities.
Other products for the production of domestic heat have also increased their prices significantly. Firewood, pellets and other solid products to burn are up 108.1%, while light fuel oil costs 82.8% more than a year ago. For its part, the cost of electricity has increased by 26.0% and fuels such as gasoline have become more expensive by 22.3%. According to Thiel, his office in Wiesbaden, in the center of the country, has also registered notable increases in other products and services, citing food as an example. Oils and fats for cooking top the price increases, with an average price increase of 49.7%, while dairy products and eggs are up 28.9%, vegetables by 23.1% and derivatives from grains by 19.8% .
The head of the German Federal Statistical Office warned that consumers will face further price increases in the coming months. In this sense, the Institute of Economic Studies ‘Ifo’ pointed out that one in two companies plans to increase the prices of their products, according to their monthly survey conducted in October. In turn, the so-called Five Wise Men, the economics professors who advise the federal government, calculate that average inflation in Germany will rise to 7.4% next year and 8% this year.
Source: La Verdad
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