Mish, the only comment that I would have is that the average consumer in Germany has been paying higher prices for just about everything ever since the conversion to the Euro. I know that there has been made an all out effort to deny that prices have been going up (specifically gauging), people are simply laughing... Everybody can do the math. I.E. The price of bread, rolls and pastries ( something germans like to eat fresh every day) almost doubled. Granted - electronics, cars, furniture or other bigger ticket items are also cheaper, on a relative basis, but the everyday consumables are a lot higher. It is almost a 1 to 1 for these items (old German mark to euro). My sister in law owns 3 clothing stores in Germany. She raised all her prices.
I was just there in the beginning of March, I couldn't believe the price increases.
Inflation should be a bigger worry for Germany than deflation.
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