Most goods are “elastic”: the more they cost, the less people buy, says Roberto Ferdman on Qz.com. But at Munich’s annual Oktoberfest, the event’s growing international appeal has evidently enabled organisers to keep beer prices very inelastic.
Consumption and prices have been going up steadily for 20 years. The average festival beer, having risen much faster than German bottled beer in the past 20 years, cost almost €10 this year – 3.6% up on 2012.