Inflation inside Germany closed last April at 7.4% and according to preliminary data from the Federal Statistics Office (Destatis), it will be close to 8% in May. What started to be noticed first of all at first, fuel prices and Energy It also has a clear impact on the prices of basic foods such as bread, oil, butter or meat. Destatis points out that food prices have increased by more than 11% last month, meaning there is an upward trend.
The rising inflation after the lifting of the pandemic restrictions was exacerbated by the war in Ukraine. What was initially considered a temporary phenomenon by the federal government and the majority of economic analysts is now beginning to worry about the danger of inflation becoming chronic and affecting employment.
The federal government started a study. 22,000 million euro package Mitigate the effects of rising prices, including measures such as the creation of tickets or discounts for the use of public transport across the country for only 9 euros per month.
France: containment in ascension
this inflation France Over 5% in May a high level but lower than its neighbors. According to the latest data from the National Institute of Statistics and Economic Research (INSEE), the overall increase in prices in the neighboring country reached 5.2%. Using a slightly different calculation method, the European Union statistics office calculates the French inflation rate as 5.8%. France, like other countries around it, suffers from the effects of the war in Ukraine and the increase in energy prices. According to the latest OECD estimates, this will reduce French GDP growth to 2.36% at year-end, instead of the 4.19% forecast.
Despite everything, France facing off inflation lower than most countries European Union. Only Malta saw a lower price increase. In the case of France, this smaller increase was due to less significant growth in energy prices than in other countries. The energy bill has increased by 26.8% in the last twelve months, compared to 39.2% in the entire euro area. One of the keys to this was having a state power company (EDF) and being able to limit the cost of electricity to issued bills.
UK: ahead in all spending
families in United Kingdom They wonder how they can withstand the continued rise in falling prices, leaving wages behind. Increase bar food, fuel, electric bill, morning coffee and pint. Inflation is currently 9 percent., the highest level in four decades, and the Bank of England warns it will hit a new record before the end of the year. The price of the shopping cart rose 3.5% in April and rose 4.3% in May, the biggest increase in a decade. The reasons for this increase in raw material, energy and transportation prices should be sought.
According to the Food Standards Agency (FSA), the food budget is the top concern for the majority of Britons (76%). One in five (22%) surveyed in March said they started skipping or downsizing one meal each day because they didn’t have money. It’s becoming illegal to go out for a drink in London. A pint (almost half a liter) was set at 8 pounds (9.35 euros). This summer it will be more expensive than ever to refuel the car. The liter of gasoline (2.04 euros), which is currently 1.75 liras, will reach 2 liras (2.33 euros). Another sector that has been increasing continuously for eleven months is housing. 1% in April was the same as in May.
Italy: growth fell and prices rose
Inflation is rising and It will continue to rise in the coming months. Italy, while the GDP growth forecast remains low. That’s not a very flattering image that the Italian National Institute of Statistics (ISTAT) made in its latest report on the health of the Italian economy, released this week.
Specifically, according to ISTAT, transalpine inflation rose 5.7% in the first three months of the year, 6% in April and 6.9% in May. The figures have been particularly challenged by increases in fuel oil (oil and gas), food and entertainment, cultural and personal care services.
However, the institute predicts that, if the international picture remains unchanged, the overall inflation increase for 2022 will be around 5.8% per year in Italy, double that in 2021. The country’s GDP is expected to grow by around 2.8%, 0.3% less than the forecast published by the Italian Government in the previous report.
Again, Inflation did not rise evenly across the country. The largest increases occurred in many cities in northern Italy, notably Bolzano, Genoa, Padua, Verona and Perugia. In these cities, inflation leads to an increase in families’ annual expenditures of around 1,700 to 3,500 euros. A large amount of money that worries citizens.
Portugal: looking back 30 years
According to the Portuguese National Institute of Statistics (INE) estimates, May inflation rate rose to 8%It’s the highest in 29 years and 0.8% higher than in April. Despite this increase, inflation remains in line with the euro area average of 8.1%, according to estimates published by the Eurostat statistical office at the end of last month.
The government attributes this data to the war in Ukraine and is already starting to present a less optimistic outlook than it was a few months ago. Economy Minister António Costa Silva opened the door for a review of measures approved to combat inflation, such as lowering fuel taxes and Iberia’s limit on the gas price agreed with the European Union. “It is clear that these measures may not be sufficient,” the minister said in an interview with the weekly newspaper. To express.
But the manager of socialist António Costa refuses to take “hard measures”, such as an extraordinary increase in pensions and salaries for public servants. Called for the coming weeks. Costa argues that such measures contribute to an increase in the inflationary spiral.