Inflation in Germany at its highest level in 28 years

Inflation in Germany at its highest level in 28 years
Inflation in Germany at its highest level in 28 years
and accelerate Inflation rate Annually for the fourth consecutive month, it registered 4.5 percent in October, with energy prices rising by 18.6 percent, according to the federal statistics agency, Destatis.

And “Destatis” enumerated in a statement the reasons for the rise inflation rates Since July 2021, including the reduction of value-added tax and the introduction of the carbon dioxide pricing system into effect since January 2021.

The German government has temporarily reduced value-added tax in 2020 to mitigate the impact of the closure measures.

But gas prices have risen in Europe in recent months as demand has increased on the impact of the economies emerging from Covid restrictions.

Official estimates published Wednesday showed that the German government expects high inflation To three percent in 2021, before it begins to decline in the coming years.

The expected increase in 2021 will be the highest since 1993, when the inflation rate reached 4.5 percent.

The German government expects inflation to decline to 2.2 percent in 2022 and 1.7 percent in 2023.

Rising inflation is just one of a series of worrying indicators for the German economy in recent months, as disruptions to supply chains and shortages of raw materials, including metal and paper It also affects the economic recovery after Covid.

On Wednesday, the Ministry of Economy revised its growth estimates for 2021, lowering it to 2.6 percent, down from 3.5 percent in April.

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