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.
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