Inflation in Germany will remain high for at least two more years because of secondary effects, Monika Schnitzer, chairman of the German government's Council of Economic Experts ("Council of Wise Men"), told the Rheinische Post.
"Inflation will also be an issue in 2024, and only thereafter will we maybe see it returning to 2%," Schnitzer warned. Businesses are shifting high costs further to consumers, with many "significantly exaggerating their price rises," she said.
To curb price increases next year, Schnitzer suggested introducing an energy solidarity fee. ""An 'energy soli makes sense: it acknowledges that the country is getting poorer and that strong shoulders will have to carry more of the burden than weaker ones," she said. She estimated that such a levy could bring the state 12 to 13 billion euros in additional revenue. But such a measure should be strictly limited in time, Schnitzer believes.
In addition, the German economist calls for extending the life of the last three nuclear power plants in Germany for another two to three years. "From an economic point of view, it would make sense to order new fuel rods quickly. That would give us more security next winter," she said, DW reported.
Annual inflation in Germany reached 10 percent in November. The German Federal Bank (Bundesbank) forecast that it will fall to 7.2 percent next year, thanks in part to the introduction of a government brake on higher electricity and gas prices. Inflation in Germany is expected to fall to 4.1 percent in 2024.
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