Inflation in Germany reached its highest level in almost 30 years in November 2021. Import prices have also risen sharply. Here is an overview of how expensive which goods have become.
Inflation is causing all costs in Germany and the world to rise. For months there has only been one direction: upwards. According to the Federal Statistical Office (Destatis), import prices rose by 24.7 percent in November 2021 compared to the same month last year, as the Wiesbaden authority announced on Thursday. This is the largest increase since the first oil price crisis in 1974. Compared to last October there was an overall increase of 3 percent.
Energy imports were almost 160 percent more expensive in November 2021 than in November 2020 and a good 12 percent more expensive than in October 2021. The main reason for the high increase is the sharp rise in the price of natural gas. These recorded an increase of around 270 percent within one year and were thus almost four times as high in November 2021 as in November 2020. Import prices for crude oil and mineral products have also increased by around 100 percent compared to the same period of the previous year. Imported hard coal was almost 155 percent more expensive than a year ago.
The highest price increase was for electricity with a plus of around 360 percent. Compared to October 2021, the price also increased significantly (28 percent). Due to the small share of electricity imports in relation to total energy imports, the rise in electricity prices only had a minimal impact on the development of energy prices.
Import prices without energy are 12 percent more expensive – the price of fertilizer is rising particularly sharply
If energy prices are not taken into account, the increase in import prices in November 2021 was 12.2 percent. Here the import prices of fertilizers and nitrogen compounds recorded the greatest increases with almost 145 percent. Imported consumer goods were 5.3 percent more expensive in November 2021 compared to the same month last year, durable goods by 4.4 percent. The import price for green coffee increased by a good 70 percent, that for grain by around 34 percent. In contrast, there was a significant decline in the import price for live pigs (minus 11.8 percent).
The sharp price increases are based on clearly noticeable tensions in the global trade in goods, which can mainly be attributed to the corona pandemic.
Sources:, with material from dpa
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
