University of munster, Public university in Münster, Germany

Berlin, Dec 11 Inflation in Germany continued to rise and climbed from 4.5 per cent in October to 5.2 per cent in November, the highest rate registered in the country since June 1992, the Federal Statistical Office (Destatis) said."The inflation rate increased for the sixth time in a row and in November reached the highest level recorded in 2021 so far," said Georg Thiel, president of Destatis.Price development in recent months was driven by "base effects due to low prices in 2020", Destatis noted.The temporary reduction of value added tax (VAT) and the sharp decline in mineral oil product prices last year had an "upward effect on the overall inflation rate".Energy prices in Germany in November were up 22.1 per cent year-on-year."The rate of price increase regarding energy was up for the fifth month in a row," Destatis noted.Prices for heating oil rose steepest and doubled compared to last year, while fuel prices soared by 43.2 per cent.The introduction of a CO2 pricing in the transport and housing sectors at the beginning of the year, with a charge of 25 euros ($28) per tonne of carbon dioxide emitted, further fuelled inflation in Germany, according to Destatis.Prices of goods in Germany increased above-average with 7.9 per cent in November, according to Destatis. Net rents, which were "important as they account for a large part of household consumption expenditure", rose by only 1.4 per cent and had a downward effect on overall inflation.When presenting its annual report, the German Council of Economic Experts (GCEE), an official advisory body to the German government, noted that the "sharp rise in global demand has led to high commodity and energy prices and supply shortages".GCEE expects an inflation rate in Germany of 3.1 per cent for the entire year 2021 and 2.6 per cent for 2022."Longer-lasting supply shortages, higher wage settlements and rising energy prices pose a risk that the temporary factors that are driving up prices may lead to persistently higher inflation rates."Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

University Of MunsterFOLLOW

University of munster, Latest News

A new study has found that adults wearing masks may decrease COVID-19 outbreaks at schools and preschools. ...

BMW Motorrad has announced the finalists for 'Team India' who will participate in the BMW Motorrad International GS Trophy 2022. ...

Germany and India have long-standing cooperation, especially in Himachal Pradesh, on topics such as climate change, hydropower and agriculture among others, said German Ambassador to India Walter J Lindner on Saturday at climate change conference in ...

Tripura Chief Minister Biplab Kumar Deb on Saturday flagged off a consignment of 40 metric tons of processed pineapple for Hamburg, Germany. This is the first such big shipment sent to any foreign country in recent times. ...

Berlin, Dec 18 Germany's Minister of Finance Christian Lindner defended a supplementary budget of 60 billion euros ($67 ... ...

Berlin, Dec 14 Germany has launched its Covid-19 inoculation campaign for children aged between five and 11 years ... ...

Berlin, Dec 11 The German parliament has approved an amendment that will has make Covid-19 vaccination mandatory for ... ...

Berlin, Dec 11 Inflation in Germany continued to rise and climbed from 4.5 per cent in October to ... ...