German is steeping toward the return of the dreaded Weimar hyperinflation as consumers brace themselves for massive price hikes for everyday goods and groceries at a whopping 20 to 50% rise.
Even before the war in Ukraine, prices soared by five percent “across the product range” due to increased energy prices, HDE President Josef Sanktjohanser warned on Friday.
Russia’s invasion is now pummeling economies and the supply chain as more price increases are 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.
The first retail chains have already started to raise their prices in Germany, and the rest will likely follow, according to the president of the trade association.