Status: 12.01.2024, 16:00 PM
By: Marco Blanco Ucles
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Rising inflation has caused problems for the German population. But the European comparison shows that other countries are being 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 for all three main aggregates: energy, core inflation and food. Even though inflation is expected to decline in the course of 2023, excessive inflation rates are still to be expected into 2024."
13 months later, in November 2023, it can be stated that the inflation rate in Germany is only 2.3 percent, according to the database of the European Statistical Office (Eurostat). The figures of the authority are also referred to by the tagesschau, among others. In addition, many employees have received inflation compensation from their employers. So much for the situation in Germany. But what about the rest of the euro area, how hard have the neighbouring 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 Statistical Office.
Countries in the euro area
The euro area includes Austria, Belgium, Croatia, Cyprus, Estonia, Germany, Greece, Spain, France, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Slovakia and Finland.
Inflation in the EU in November 2023 compared with the same month a year earlier
| Land | 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 recorded the highest growth of 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 again and again. Sometimes something is more expensive, sometimes cheaper. If there is a general price increase, i.e. not only individual products become more expensive, this is referred to as "inflation". Then you won't be able to 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 declining inflation rate, however, was recorded by another neighbouring country in Germany. In Belgium, the rate fell by 0.8 percent compared to the previous year. There is also positive news from Italy and Finland. There, the inflation rate rose by only 0.6 and 0.7 percent, respectively.
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There is positive news for the German population as far as future prospects are concerned. Dr. Joachim Nagel, President of the Deutsche Bundesbank, explains on its own website: "The inflation rate will more than halve in 2024."