Germany: Inflation hits record 10%, recession expected

Tuesday, October 4, 2022 | Tag Cloud Tags: , , , , , , , , ,

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by Karen Faulkner, Correspondent

(Worthy News) – in increased to a record 10% last month as the country expects to enter a , DW reports.

As with most countries facing a similar situation currently, such high inflation in Germany is the result of soaring energy prices brought on by ’s invasion of .

Germany’s federal statistical office Destatis reported last week that energy prices were 43.9% higher in September 2022 this year than in September 2021, DW reports. The end of a fuel subsidy and the €9 public transport ticket “presumably had an impact on the inflation rate in September,” Destatis said.

German Chancellor Olaf Scholz said at a press conference that his government “will do everything so that prices sink.” Scholz also announced an energy relief package worth €150-200 billion ($145-194 billion), DW said.

Prior to the announcement on inflation, economists predicted Germany is on the way to a recession brought on by the global fuel and energy crisis and the sharp reduction in purchasing power, DW said. In a statement to reporters, Torsten Schmidt, head of economic research at the RWI think tank, said the high price of energy is the main factor “driving Germany toward recession,”

According to a statement by the ifo Institute in Munich, Germany’s inflation will likely average at 8.8% in the coming year, DW said.

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