Inflation: Corona drives up prices

Shopping and refueling is getting more expensive. When prices rise and money loses value, customers can buy less for the same amount of money they bought the same thing with some time ago. This general price increase is called inflation. This is currently the case, for example, for oil and electricity, for building materials, chemical products and microchips, but also for food. Vegetables in particular have become more expensive. According to the Federal Statistical Office, inflation in September was 4.1 per cent – almost as much as it was last almost 30 years ago.

What makes the cost of living more expensive? Experts cite several reasons. It is due to higher taxes and the new CO2 tax in Germany, as well as the exchange rate of the euro and the dollar. But also because of Corona. With the pandemic, companies around the world have produced less. Demand for raw materials and microchips, for example, had fallen.

After the lockdown, more is being produced again. In addition, more trucks and cars are on the road and need fuel. With the greater demand – for electrical appliances, for example, and now in autumn also for heating oil – prices are rising. Diesel was last almost as expensive as it is now during the so-called oil crisis in 2012. Politicians in Germany and at the EU level are debating whether and how consumers could be relieved.

Another consequence of Corona is supply bottlenecks. Containers are piling up in the ports. The goods do not reach the shops and the customers. Experts therefore advise people to buy Christmas presents early this year.

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Einkaufen, Tanken, Heizen und Stromverbrauch werden diesen Herbst teurer. Foto: tünews INTERNATIONAL / Mostafa Elyasian.

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