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Germany reaches highest level of inflation
Updated On: 12 December, 2021 09:19 AM IST | Berlin | Agencies
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”
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People stroll in the nearly empty Koeniggstrasse, one of the most frequented shopping streets of southern Germany. Pic/AFP
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.” 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.”
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