Germany’s inflation hits food costs
March 27, 2023 - Strikes in Germany have crippled mass transport and airports in one of the biggest walkouts in decades. Soaring inflation has hit living standards, exceeding the eurozone average.
Inflation in the 20-country single currency zone has fallen for four consecutive months since hitting a record high of 10.6 per cent in October.
However, German consumer prices rose more than anticipated in February, up 9.3 per cent, indicating that the European Central Bank will need to raise eurozone interest rates to tackle higher-than-expected prices.
It has been painful for millions of workers throughout the country as costs of everything from bread to rents rise after years of relatively stable prices.
A Big Mac-style burger meal in a fast food restaurant in Berlin costs around €11, 49 per cent more than in London.
A month-worth of utilities -- heating, electricity, gas, etc. -- for a single person in a studio flat would cost €570, almost 250 per cent above the London figure.
“It is a matter of survival for many thousands of employees to get a considerable pay rise,” Frank Werneke, head of the Verdi labour union, told Bild am Sonntag. Verdi demands a 10.5 per cent wage increase, which would see pay rising by at least €500 monthly.