Berlin Inflation in Germany is on the rise again even before the tank discount and 9-euro ticket expire. This is indicated by data from six federal states, on the basis of which the Federal Statistical Office calculates the inflation rate for August and intends to publish it on Tuesday afternoon. Accordingly, consumer prices in Brandenburg, Bavaria, Baden-Württemberg, Hesse, North Rhine-Westphalia and Saxony rose more strongly than in July. In Bavaria, for example, the inflation rate rose from 8.0 to 8.4 percent, in North Rhine-Westphalia from 7.8 to 8.1 percent.
Economists polled by the Reuters news agency predict a 7.8 percent increase in the nationwide inflation rate for August. In May, the price of goods and services rose by 7.9 percent, the highest since the early 1970s. Then the fuel discount and 9-euro ticket pushed the inflation rate down to 7.6 percent in June and 7.5 percent in July. In addition to energy, food again turned out to be a price driver in the month just ended: in NRW, for example, significantly more had to be paid for quark (+57.8 percent), cucumbers (+48.8), butter (+43.6) and pasta ( +42.0) than a year earlier.
“Both energy and food prices are heavily impacted by the Russian invasion of Ukraine, as these countries are major exporters of energy commodities, agricultural products and fertilizers,” said Berenberg Bank economist Salomon Fiedler. For the fall, economists expect significantly higher inflation rates of nine percent and more. “The recently sharply increased stock exchange prices for natural gas have by no means fully reached consumers,” said Fiedler. In addition, the tank discount and 9-euro ticket expire this Wednesday.
The current survey by the Ifo Institute among 9,000 companies also speaks for persistently high price pressure. “Almost every second company still wants to increase prices in the next three months,” said Ifo expert Klaus Wohlrabe. “Price increases remain on the agenda.”
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