Inflation jumps back to almost eight percent, but the peak is yet to come
Created: 09/13/2022, 08:26
By: Andreas Schmid
Despite state relief, life in Germany continues to become more expensive.
Currently, inflation is at percent.
© Hendrik Schmidt/dpa
Life in Germany remains expensive.
After several reliefs, rising prices are hitting consumers.
Inflation is 7.9 percent.
Munich – Rising energy costs, expensive prices.
Inflation continues to scratch the eight percent mark.
In August, rising energy and food prices pushed annual inflation up to 7.9 percent.
The Federal Statistical Office confirmed its preliminary calculations published almost two weeks ago on Tuesday.
High inflation: These are the main causes
After two months of declining values, the inflation rate had risen sharply again.
Relief such as the 9-euro ticket had only brought relief for a short time.
Economists expect consumer prices to continue to rise in the coming months.
“Price increases for energy products and food continue to be the main causes of high inflation.
Two measures in the relief package in particular had a slightly dampening effect on overall inflation from June to August 2022: the 9-euro ticket and the fuel discount," said Dr.
Georg Thiel, President of the Federal Statistical Office.
Inflation: Ifo assumes 9.3 percent in 2023
It was only on Monday that the economic researchers at the Munich Ifo Institute had already significantly lowered their economic forecast for this and the coming year.
In the coming year, the institute expects economic output to shrink by 0.3 percent, for this year only 1.6 percent growth.
"We are going into a winter recession," said the head of the Ifo economic forecasts, Timo Wollmershäuser, on Monday.
However, the Ifo does not expect any serious effects on the labor market.
As recently as June, the institute had forecast growth of 3.7 percent in 2023: 4.0 percentage points more than currently.
The institute even increased its inflation forecast by 6.0 percentage points – to 9.3 percent in the coming year.
According to the economic researchers, inflation will peak in the first quarter of 2023 at around eleven percent.
