• Home
  • About Us
  • Advertise With Us
  • Privacy Policy
  • Contact Us
  • Copyrights
Sunday, February 5, 2023
ABCNews247
  • Home
  • Just In
  • Celebrities
  • World News
  • Business
  • Politics
No Result
View All Result
ABCNews247
No Result
View All Result
Home BUSINESS

German inflation back to record almost half a century after dip

by ABC News Staff
August 30, 2022
in BUSINESS, WORLD NEWS
0
German inflation back to record almost half a century after dip
493
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

BERLIN (ABCNews247) — Germany’s annual inflation rate rose to 7.9% in August, returning to its highest level in nearly half a century after falling in the previous two months, according to official data

Inflation in Europe’s largest economy hit 7.9% for the first time in May – the highest rate since the winter of 1973-1974, when prices were fueled by an oil crisis – before falling to 7.5% in July. The preliminary figure, which the Federal Statistical Office reported Tuesday, is mostly unchanged in a final report about two weeks later.

As in other countries around the world, inflation in Germany has been fueled by the Russian war in Ukraine, which has led to a rise in energy costs and food prices.

The statistics agency said energy prices rose 35.6% year-on-year in August and food prices rose 16.6%, while the effects of the supply chain disruption caused by the coronavirus pandemic were still being felt.

At the beginning of June, Germany temporarily lowered excise duties on diesel and petrol and introduced an ultra-cheap ticket that allows people to use all local and regional public transport for 9 euros (dollars) per month. Both measures expire on Wednesday.

Germany’s central bank, the Bundesbank, said in its monthly report last week that “inflation could rise to around 10% in the fall”, though noting that the inflation outlook is “extremely uncertain”.

facebookShare on Facebook
TwitterTweet
Tags: centurydipGermaninflationrecord
Share197Tweet123
ABCNews247

Copyright © 2022 ABCNews247.

Navigate Site

  • Home
  • About Us
  • Advertise With Us
  • Privacy Policy
  • Contact Us
  • Copyrights

Follow Us

No Result
View All Result
  • Home
  • Just In
  • World News
  • Politics
  • Sports
  • Advertise With Us
  • Contact Us

Copyright © 2022 ABCNews247.