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German inflation has been at its highest level in November since Denmark won the European Championship in football.
One must thus go back to 1992 to find a time when inflation has been higher. It writes the news agency AFP.
In November, inflation is calculated at 5.2 percent. By comparison, it was 4.5 percent the month before.
Inflation is an expression of the development in prices over time.
When inflation rises, consumers get less for the same money, but one wants a small, stable inflation in the economy because it keeps consumption going.
According to Bjørn Tangaa Sillemann, a senior analyst at Danske Bank, it is especially energy and food prices that are currently driving up inflation.
In November, energy prices alone also rose by as much as 22 percent, writes AFP.
“Petrol prices have continued to rise in November, primarily due to a strong dollar, which makes petrol more expensive in Europe,” says Bjørn Tangaa Sillemann.
“It is of great importance to the German consumer, where fuel, for example, fills 60 percent more in the consumption basket than in Denmark,” he says in a written comment.
In addition, German citizens use natural gas to a large extent to keep the heat in their homes.
It also helps to pull up inflation, the analyst notes.
“Gas prices are still at a very high level, and if it becomes a cold winter, it could hit a real hole in consumers’ pockets,” says Bjørn Tangaa Sillemann.
According to AFP, it is now the fifth month in a row that inflation has been rising in Germany.
/ ritzau /
Source: www.berlingske.dk by www.berlingske.dk.
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