Berenberg analysts looked at soaring cost of a stein at the annual German beerfest, which is due to kick off this Saturday.
When merry revelers lift their steins to mark the start of Germany’s annual Oktoberfest, they might want to sip slowly, given they will now be paying €13.75 per beer.
“Do not even try to compare the price per liter to the cheap beer cans available at the discount retailers nearby. The difference might make some crave a stiffer drink to drown the financial pain,” he and his team said. The country has felt the fallout from Russia’s invasion of Ukraine and soaring energy and food prices, which propelled inflation to a post-war high of 7.9% in 2022. Wage earners are currently recouping some of lost purchasing power, but Schmieding and his team warn this won’t last.
The European Commission recently forecast that Germany, the bloc’s biggest economy, will be the only major one to see growth contract this year, with a forecast for gross domestic product to fall 0.4% in 2023. Weak industrial output has been a major factor in sluggish growth. Inflation for the EU bloc is expected to fall to 2.9% next year, slightly under the 2.8% previously forecast.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Box Office: Kenneth Branagh’s Murder Mystery ‘A Haunting in Venice’ Targets Middling $15 Million Debut“A Haunting in Venice,” Kenneth Branagh’s latest cinematic take on Agatha Christie’s library of murder mystery novels, is expected to spook the box office competition. It&8…
Read more »
Santa Clara County launches $15 million grant program to boost child care providersThe Child Care and Early Education Infrastructure Grant Program can help renovate, reopen, or expand existing operations with funds that can go toward rent, mortgage, insurance or wages to hire staff.
Read more »
Kylie Jenner Gave Socks and Sandals a Chic Spin in $15 TightsWith a naked dress to boot.
Read more »
A German tailor who specializes in bespoke lederhosen is in high demand ahead of OktoberfestGermany’s city of Munich is getting ready to tap the kegs for Oktoberfest.
Read more »
A German tailor who specializes in bespoke lederhosen is in high demand ahead of OktoberfestGermany’s city of Munich is getting ready to tap the kegs for Oktoberfest.
Read more »
Apple’s iPhone 15 charger costs $29, but you can get one on Amazon for just $15Does iPhone 15 come with a charger? You'll may want to get at least a power adapter for your new iPhone 15, but you can save on one if you buy it from Amazon.
Read more »