Anmerkungen:
Zusammenfassung in englischer Sprache
Beschreibung:
The slight slowdown of consumer price infl ation in Germany in November does not yet constitute the beginning of lower infl ation rates. Even though energy prices are dragging infl ation, producer prices have drastically increased in the past year. Our estimates indicate that infl ation rates will remain close to current levels until the end of 2023 and decrease only in 2024. Given the current fragile economic situation, restrictive monetary policy is not recommended. Rather, central banks should act attentively to prevent raising infl ation expectations.