The hope that the inflation rate could have fallen slightly by the end of the year has fizzled out.
It even increased despite falling energy prices.
This is all the more worrying as it suggests stronger price rises in other areas such as services and food.
Inflation is likely to have finally peaked in December.
But there will not be an emergency stop at the start of the year.
The elimination of the VAT effect is offset by the increase in the CO2 price from 25 to 30 euros.
In addition, many energy suppliers passed the increased gas prices on to their customers at the turn of the year. In addition, prices in the leisure and cultural sectors are likely to rise in the spring, when the corona restrictions are relaxed. So far, wages have reacted moderately. But in the second half of the year there will be major wage rounds. It is not to be expected that the unions will be easily fobbed off. In order to prevent the looming wage-price spiral, the ECB must finally take active countermeasures.