Yet another developed nation and a very similar story again. All this can be directly owed to nothing but COVID. There was a hell lot of fiscal deficit generated by various countries first to fund the vaccines programs and then for distribution of the same. Some countries even gave a lot of freebies to the normal people which has also led to a lot of wasteful expenditure, ultimately someone has to foot the bill for these expenditures, eventually, this is footed by inflating the currency as a whole which leads to currency becoming devaluating the currency.
I agree with you in principle, COVID-19 caused a global inflation crisis unlike seen ever before in recent history -- but the issue with inflation in European countries is based on COVID spending and the energy crisis.
Energy is essentially the blood of an economy. If energy prices go up, the cost to manufacture raw goods increase across the board and you're left with high inflation. It isn't clear, nor is it really possible to calculate what portion of inflation is COVID attributable versus energy cost. You can say that inflation would have reached record rates despite the Ukrainian war, and that the war merely added gasoline to the flames.
Too many factors and one strong economy like theirs are also experiencing this much inflation. Isn't there something to do with the war in Ukraine-Russia and oil-related matters?
And all of these combined deterrents have made them, also some other countries that have strong economies experience high inflation rates. This is one hell of a reset and nobody's going to skip it, if there are, they're just a few.
There aren't any, I have been checking world economy for many years in my job now and I can tell you that there isn't a single nation that is not having a hard time, and if Germany does then it is likely that everyone else would too because Germany is the best nation when it comes to making sure economy is doing fine. Of course some nations are doing far worse than Germany, it's clear that everybody is having hard time right now, and some are doing worse while others are doing fine.
In this situation, Germany is still fine, not doing great but compared to many others they are still doing better and that is why we shouldn't take them as base example.
Well, it's also true that every nation in the world essentially shut down their economy and started printing money so it isn't unsurprising that there isn't a single country spared from inflation.