{"id":204262,"date":"2021-07-30T17:18:20","date_gmt":"2021-07-30T17:18:20","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=204262"},"modified":"2021-07-30T17:18:20","modified_gmt":"2021-07-30T17:18:20","slug":"germanys-inflation-rate","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/germanys-inflation-rate\/","title":{"rendered":"Germany\u2019s inflation rate hits 13-year high"},"content":{"rendered":"

Germany’s inflation rate (annual consumer price) has increased by more than expected to hit a 13-year high in July.<\/p>\n

Consumer prices, harmonized to make them comparable with inflation data from other European Union countries, rose by 3.1% in July compared with 2.1% in June, the Federal Statistics Office said.<\/p>\n

A Reuters poll had pointed to a reading of 2.9%.<\/p>\n

According to an official at the Statistics Office, July’s reading was the highest since August 2008, when the harmonized inflation rate hit 3.3%.<\/p>\n

Germany’s inflation rate<\/h2>\n

The rise pushed Germany’s inflation rate further above the European Central Bank’s 2% target, and fuelled a debate about whether the increase in the cost of living will persist.<\/p>\n

“From today’s perspective, a sustained increase in inflation is not to be expected,” an Economy Ministry spokesperson said, citing base effects from a temporary reduction in VAT rates in the second half of 2020 that affected comparisons.<\/p>\n

However, German central bank chief Jens Weidmann has said he is worried about the prospect of the ECB’s low-interest-rate environment being extended for too long.<\/p>\n

Weidmann said his advisers anticipated inflation nearing 5% in Germany later this year.<\/p>\n

He made his comments after the ECB pledged to keep interest rates at record lows for even longer to boost sluggish inflation and warned that the fast-spreading Delta variant of the coronavirus poses a risk to recovery.<\/p>\n

ING economist Carsten Brzeski said supply chain disruptions and higher commodity costs could put more pressure on prices.<\/p>\n

\u201cDon’t rule out that headline inflation north of 4% at the end of the year will affect wage negotiations in 2022,\u201d he added<\/p>\n

These numbers led services sector trade union Verdi to immediately demand “strong wage increases”.<\/p>\n

“We need strong wage increases for employees precisely because of rising prices,” Verdi deputy chair Andrea Kocsis told Reuters.<\/p>\n

Holger Schmieding, economist at Berenberg Bank<\/a>, said some service sector businesses had taken advantage of the reopening of the economy after COVID-19 lockdowns to raise their prices.<\/p>\n

“In the coming months, the inflation rate will remain high and even tend to increase somewhat,” he added.<\/p>\n

Euro zone inflation figures for July are due on Friday. In June, the rate ran at 1.9%.<\/p>\n

The ECB said last week it would not hike borrowing costs until it sees inflation reach its 2% target “well ahead of the end of its projection horizon and durably”.<\/p>\n","protected":false},"excerpt":{"rendered":"

Germany’s inflation rate (annual consumer price) has increased by more than expected to hit a 13-year high in July. Consumer prices, harmonized to make them comparable with inflation data from other European Union countries, rose by 3.1% in July compared with 2.1% in June, the Federal Statistics Office said. A Reuters poll had pointed to […]<\/p>\n","protected":false},"author":4,"featured_media":204263,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[604],"tags":[278,5868],"class_list":["post-204262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-featured","tag-germany"],"yoast_head":"\nGermany\u2019s inflation rate hits 13-year high | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - Germany's inflation rate (annual consumer price) has increased by more than expected to hit a 13-year high in July.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/germanys-inflation-rate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Germany\u2019s inflation rate hits 13-year high | BNReport\" \/>\n<meta property=\"og:description\" content=\"BNReport - 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