What savers need to know about inflation
Everything to do with building is becoming more expensive, but so are a lot of food and, above all, heating oil and gasoline. Will inflation rise as the pandemic subsides? And how can savers prepare?
ECB board member Isabell Schnabel says she believes inflation in Germany to rise to 3 percent is possible. Does that have to worry you?
The European Central Bank relies on estimates by the Deutsche Bundesbank. According to this, the inflation rate in Germany according to the European method of calculation of the Harmonized Consumer Price Index (HICP), which deviates from the national calculation method, could reach more than 3 percent in individual months of this year. The central bank is not expecting such high rates for the euro zone as a whole; around 2 percent are being discussed on a monthly basis.
But isn’t there a lot more expensive at the moment?
In fact, many construction-related prices have risen significantly recently, for example for construction timber. Statisticians already speak of “construction lation”. This also affects people who tinker with their house in lockdown. Food has also become more expensive, such as vegetables. The increase in energy prices, especially for gasoline and heating oil, has recently been particularly strong. In some cases, the price increase rates were in the double-digit range. The prices for fuels rose in April over the year by 23 percent, those for heating oil by 21 percent. Prices for Corona home gardening also rose: flowers and other plants were 7.5 percent more expensive. Internationally, a sharp rise in raw material prices can be observed, for example for ore or copper.