Eurostat’s reading was at its highest since January 1997, when the EU inflation survey began. In turn, the domestic consumer price index (CPI) increased by 5.2 percent. On an annual basis, which was the highest result since June 1992, almost 30 years ago.
Inflation in Germany in November 2021.
ECB Governing Council member Isabel Schnabel said the central bank believes inflation peaked in November. So you see that the price hike will be premature as it looks like the price hike will gradually slow down next year.
This higher price increase is mainly due to the underlying effects (low inflation in November 2020), and higher energy and materials prices linked to the economic recovery in recent months.
“Inflation in Germany has already exceeded 6 per cent. Strong declines in oil prices (Omikron) may mean it’s a hill, but new restrictions in Asia mean a potential extension of oil shortages and associated price pressures.” – Comments by Przemysław Kwiecień, Chief Economist at XTB.
The jump in inflation is clearly visible in the graph provided by Thomas and Yoda, director of the investment advisory office at Credit Agricole:
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