Multiple factors drive German price acceleration

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Economic Daily - China Economic Net Berlin News (Reporter Xie Fei) The data released by the German Federal Bureau of Statistics shows that the German consumer price index (CPI) rose 3.8% from the same period last year, rising by 0.9%. Data show that German price levels have an accelerated growth trend. In June this year, the consumer price index increased by 2.3% year-on-year, and in July, the growth rate was rapidly upgraded to 3.8%, reached the highest value in 27 years. German Federal Bank (Central Bank) President Weidman said recently that German CPI growth rate may reach 5%, but he believes that this round of price increase is still short-term.

Although experts have repeatedly expressed that the current price of German prices does not have sustainable and will not bring systematic risks to German economies. However, as prices have maintained relatively high growth in many months, the worry in the market has increased significantly.

Analysis believes that the factors currently pushing prices have the following aspects: First, the rapid rise in energy prices has risen to the overall price level. Last year was affected by new coronal pneumonia, global oil prices fell sharply, and this year's oil prices rebounded, and global energy prices rebounded significantly from last year. Second, the global supply chain bottleneck still exists, leading to the price of raw materials and parts such as raw materials and components, causing corporate production costs to rise. The third is the end of German consumption tax relief policy, making prices significantly increased last year. During the epidemic last year, in order to stimulate consumption, the German government reduced the value-added tax rate. This year's policy is canceled, making the price rebound.