On Monday (April 4), Germany will take one step toward a return of the dreaded Weimar hyperinflation. According to the German Retail Association (HDE), consumers should prepare for another wave of price hikes for everyday goods and groceries with Reuters reporting that prices at German retail chains will explode between 20 and 50%:
Even before the outbreak of war in Ukraine, prices had risen by about 5% “across the product range” as a result of increased energy prices, HDE President Josef Sanktjohanser told the Neue Osnabrücker Zeitung on Friday (April 1). With Russia’s invasion hitting economies and the supply chain harder, yet another series of price increases is on the horizon.
“The second wave of price increases is coming, and it will certainly be in double figures,” Sanktjohanser warned, cited by The Local.
According to the president of the trade association, the first retail chains have already started to raise their prices in Germany—and the rest are likely to follow.
“We will soon be able to see the impact of the war reflected in price labels across all the supermarkets,” said Sanktjohanser.
➨ zerohedge.com/markets/german-retailers-increase-food-prices-20-50-monday
➨ thelocal.de/20220401/german-consumers-to-be-hit-by-further-price-hikes-in-supermarkets