Inflation in Germany continued to rise in April.
Many economists had thought that the peak might already have been passed because the oil price had calmed down a bit recently.
But far from it!
Prices are rising across the board.
The inflation rate was 7.4 percent, as high as the last time around 40 years ago.
The theory that the high rates are only due to energy prices was also apparently shaky.
While the prices for heating oil and diesel actually fell compared to March, the prices for foodstuffs such as bread, vegetable oil and meat are now rising all the more.
And the so-called core rate of inflation, which is inflation without strongly fluctuating prices such as those for energy and food, has risen from 3.4 to 3.8 percent, according to Commerzbank estimates.
All of this shows that the European Central Bank must act.
True, she cannot conjure up cheap energy.
But it can prevent inflation expectations from rising along with the inflation rate – and thus prevent inflation from becoming permanent.