That’s how hard inflation really hits you
Electricity and gas, petrol and diesel, groceries, furniture, electronics – the list of price increases could be continued much longer at the moment. But not every consumer and household is affected in the same way. A handy tool will help you determine where you stand.
According to the most recent survey, the inflation rate in Germany is 7.3 percent as of March 2022 Price increases that have not been seen for decades have long been a reality become. Whether electricity, gas or various groceries – the costs are increasing to levels that are hitting the wallets of many consumers.
Inflation calculator: It’s really getting that much more expensive for consumers
But an overall inflation rate of 7.3 percent – what does that actually mean for you? When prices rise, not all goods and services or all consumers are affected in the same way. Last but not least, it depends on your own needs and expenses, as the Federal Statistical Office (Destatis) explains. The authority therefore provides a inflation calculator available, with whose help Consumers can calculate how much inflation is actually affecting them.
The basis for the calculation is the consumer price index for Germany (CPI). Huge amounts of consumer prices are included here. Some of them shouldn’t or hardly affect you, but others should. Different households spend different amounts on groceries. Anyone who rides their bike to work, for example, usually spends less on fuel than a frequent commuter.
Based on five categories – nutrition, living, mobility, leisure and lifestyle as well as subcategories, for example for cold rent or telecommunications – you can Feed the inflation calculator with your monthly expenses. Housekeeping apps and extensions such as for Excel help to keep track of things. The Sparkasse app also offers an integrated budget book. The more accurate your information, the more reliable the result of the inflation calculator can be.
We also have a few tips that can help you save:
Federal agency tool can help save
For example, I can do without the car most of the time, so the explosion in the price of petrol hardly affects me. The situation is different with food and gas. I tested the inflation calculator as an example, but only with rough approximations of my actual expenses. Result: I actually get about 5 percent inflation. That’s still a decent increase, but at least a little below average.
With the inflation calculator you too can find out what to expect. Together with a proper overview of your expenses, you can too find additional savings potential – just try it.
