As of: March 28, 2024, 10:13 a.m
By: Marco Blanco Ucles
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Split
Rising inflation has caused problems for the German population. But the European comparison shows that other countries are hit even harder.
In October 2022, Germany shocked with an inflation rate of 10.4 percent year-on-year - the highest level since the 1950s, and the population was forced to save in many areas. The
German Bundestag
wrote in a report: “Consumer price inflation is driven by high rates in all three main aggregates: energy, core inflation and food. Even if inflation is expected to decline over the course of 2023, excessive inflation rates can still be expected into 2024.”
13 months later, in November 2023, it can be said: According to the database of the
European Statistics Authority (Eurostat)
, the inflation rate in Germany is only 2.3 percent. The
Tagesschau,
among others, also refers to the authority's figures
. In addition, numerous employees have received inflation compensation from their employer. So much for the situation in Germany. But what does it actually look like in the rest of the euro area? How hard has the neighboring nations been hit compared to the previous year? You can find the information in our large Europe table, which we have filled with data from the European Statistics Authority.
States in the euro area
The euro area includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
Inflation in the EU countries in November 2023 compared to the same month last year
country |
inflation rate |
|---|---|
Slovakia |
+6.9 percent |
Croatia |
+5.5 percent |
Austria |
+4.9 percent |
Slovenia |
+4.5 percent |
Estonia |
+4.1 percent |
France |
+3.9 percent |
Malta |
+3.9 percent |
Spain |
+3.3 percent |
Greece |
+2.9 percent |
Ireland |
+2.5 percent |
Cyprus |
+2.4 percent |
Germany |
+2.3 percent |
Lithuania |
+2.3 percent |
Portugal |
+2.2 percent |
Luxembourg |
+2.1 percent |
Netherlands |
+1.4 percent |
Latvia |
+1.1 percent |
Finland |
+0.7 percent |
Italy |
+0.6 percent |
Belgium |
-0.8 percent |
With an increase in the inflation rate of 2.3 percent compared to the previous year, Germany is in the middle of the table of all countries in the euro area. Slovakia suffered the highest increase at 6.9 percent, followed by Croatia - 5.5 percent - and Germany's neighbor Austria - 4.9 percent. This is noticeable in many areas in Austria, including the price explosions in supermarkets.
Definition of inflation by the European Central Bank
In a market economy, the prices of goods and services can change constantly. Sometimes something becomes more expensive, sometimes cheaper. If there is a general increase in prices, i.e. H. Not only are individual products becoming more expensive, this is known as “inflation”. Then you can no longer buy as much with €1 as you did recently. In other words, inflation causes a currency to lose value over time.
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The only falling inflation rate is recorded in another neighboring country of Germany. In Belgium the rate fell by 0.8 percent compared to the previous year. There is also positive news from Italy and Finland. The inflation rate there only rose by 0.6 and 0.7 percent.
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There is positive news for the German population regarding future prospects. Dr. Joachim Nagel, President of the German Bundesbank, explains on his own homepage: “The inflation rate will be more than halved in 2024.”
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