The prices increased in connection with the COVID-19 pandemic in Europe and in the world, Trend reports.
The inflation rate in Germany reached 5.2 percent in November 2021 compared to November 2020.
Moreover, the global inflation rate was 4.5 percent in October 2021. The inflation rate increased for the sixth time in a row and reached its highest level during the year in November.
The last time the global inflation rate was this high was about 30 years ago where it was 5.8 percent in June 1992.
The consumer inflation rate increased by 4.16 percent and reached 5.64 percent in Belgium in November 2021. The last time such an increase was in July 2008. The inflation rate in the healthcare sector increased from 3.48 percent to 4.81 percent, fuel – 46.4 percent in November. The inflation rate increased from 1.95 percent to 2.14 percent in November compared to October.
While commenting on the issue, Azerbaijani expert in the field of economy Rashad Hasanov told Trend that today there are several main factors in the global market that contribute to the rise in prices.
“Of course, among these factors are COVID-19 pandemic, economic recession due to the pandemic, a decrease in products which were in warehouses, delays that were observed in the production process itself,” the expert said.
“As a result, the volume of products which are offered on the market has decreased, which leads to an increase in prices,” Hasanov said. “The same situation was observed with raw materials.”
Hasanov said that the regional retail trade has been completely suspended.
“This is one of the factors stipulating the rise in prices,” the expert said. “Today, prices for energy resources are also growing, which, in terms of costs, also affects the prices on goods and services.”
For example, the annual inflation rate reached 1.5 percent in Switzerland in November 2021. This is the highest inflation rate since November 2008.
The main reasons are the rapid growth in transportation costs (8 percent), electricity costs (13.5 percent), fuel costs (28.9 percent). In general, prices for local goods increased by 0.7 percent, while prices for imported goods increased by 4.1 percent.
Azerbaijani MP Vugar Bayramov stressed that the prices for food products in the world market have increased to the highest level over the past 30 years.
“The prices are still increasing,” the MP said. “Prices are expected to continue to rise in the world market in the first half of 2022. This will also affect the prices in oil-producing countries.”
“As the countries of the Persian Gulf depend on imports to meet the demand for consumer goods, the rise in prices which is observed in the world market will lead to an increase in the inflation rate in these countries,” Bayramov added.
The prices increased not only in the European countries but also in the oil-rich Arab countries and in the US.
Source: Trend News Agency