The increased energy prices are still hardly being passed on to customers. In the coming months, however, consumer prices are likely to rise significantly for many companies, the IFO Institute warns. That could push inflation rates into double digits.
Almost every second German company wants to raise prices in the next three months. The barometer for price expectations fell by just 0.1 points to 47.5 points in August, as the Munich IFO Institute reported in its monthly company survey. The price spiral should continue to spiral upwards, especially for food: Here the value reached 96.8 points, after 99.4 in July. "Unfortunately, there is no end in sight to the wave of inflation," commented IFO economics chief Timo Wollmershäuser on the development. The researchers do not ask about the amount of the planned price change.
So far, the energy suppliers have only passed on a small part of the sharply increased exchange prices for electricity and natural gas as a result of the Russian war against Ukraine to their customers. "That should change in the coming months and lead to double-digit inflation rates," predicted Wollmershäuser. In August, the German inflation rate was 7.9 percent, but government measures such as the 9-euro ticket and the fuel discount have now expired.
The expected price increase does not bode well for the economy, as it further reduces the purchasing power of consumers. "Consumers will therefore limit their consumption and overall economic output will shrink in the second half of the year," expects Wollmershäuser.
The federal government recently put together a new relief package of at least 65 billion euros. According to experts, however, this is not enough to prevent a recession. According to the IFO Institute, many clothing manufacturers in particular want to raise their prices: the value rose to 89.2 after 84.6 in July. The figures are also very high in gastronomy (76.4), building maintenance (76.5), shoe and leather goods manufacturers (71.2), electrical equipment manufacturers (71.3) and in travel agencies (69.3).
