Inflation Rise Again In Germany
(MENAFN- AzerNews)
By Alimat Aliyeva
Inflation in Germany is rising again, Azernews
reports.
Consumer prices in July were 2.3 percent higher than in the same
month last year. This was reported by the federal Statistical
Office.
Core inflation, which excludes volatile food and energy prices,
was 2.9 percent in July. This is well above the European Central
Bank's inflation target of 2 percent.
The main drivers of inflation in July were services. They rose
in price by an average of 3.9 percent. The cost of food is on
average 1.3 percent higher than in July 2023.
Everyday life has become significantly more expensive. The
German Institute for Macroeconomics and Business Cycle Research
(IMK) of the Hans Beckler Foundation has reached similar results in
a current study: the purchasing power of middle-income families has
fallen in recent years, despite the fact that the federal
government has provided several aid packages. Wage growth is being
eaten up by inflation. Higher taxes are withheld from higher
salaries, thereby reducing purchasing power.
According to the Bundesbank, inflation will not decrease in the
next few months. The financial prospects for middle-income families
are likely to remain bleak. In its response, the Federal Ministry
of Finance concludes: "Helping middle-income people and families
remains a special priority of the federal government."
MENAFN01082024000195011045ID1108503611
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.