The Germans got poorer this year.

Although collective wages have risen by a little less than 2 percent, inflation of around 3 percent has more than eaten up the wage increase.

These new figures are proof of what millions of Germans have been feeling for months when they refuel and shop: the unusually high price increases have become a social problem.

After all, inflation hits those who earn little or live on social benefits particularly hard. Unlike high earners, they cannot postpone purchases and have to go shopping as soon as the refrigerator and tank are empty. Seniors, with their own consumption needs, suffer even more than younger people.

The loss of purchasing power is painful and, of course, it raises the question of guilt. The European Central Bank (ECB) with its still ultra-loose monetary policy now has to justify itself. And rightly so, because the central bankers took the price increases lightly for months. But the ECB has to be credited with the fact that its arguments may still work. As a result, prices are only rising temporarily, primarily due to special effects. In addition, it is not the task of the central bank to pursue social policy, even if its purchase programs and zero interest rates cause ever greater distributional effects.

This is where the new federal government comes into play.

She recognized the problem, but unfortunately reacts in a similar way to her predecessor.

Instead of adjusting social benefits more quickly and in a more targeted manner, it tries to influence prices, for example by not forcing the increase in the CO2 tax indicated by climate policy.

This creates new conflicting goals that can be avoided.

This can be done better.

In all legitimate complaints about inflation, however, one thing must not be overlooked.

Germany got through the Corona crisis economically, and above all, comparatively few people have become unemployed.

It hurts to dig deeper into your pocket - but it could have been a lot worse.