German inflation hits 7.9% in 2022, highest in over 70 years
1 year, 11 months ago

German inflation hits 7.9% in 2022, highest in over 70 years

Associated Press  

BERLIN — Germany has recorded its highest annual inflation in more than 70 years, according to preliminary data released Tuesday by the country’s Federal Statistical Office. Surging energy and food prices due to Russia’s attack on Ukraine saw full-year inflation reach 7.9% in 2022. The last time annual inflation was near that level was in 1951, when it stood at 7.6% as the post-war economic boom began. The preliminary data showed that inflation slowed somewhat in December, to 8.6% compared to the same month in the previous year, as one-off government payments to help consumers pay their heating and gas bills took effect.

Inflation German  inflation  prices  2022  data  70  annual  79  million  fullyear  german  consumers  preliminary  pay  highest  hits  stood

History of this topic

German inflation slows to 6.1% in May, though food prices are still surging
1 year, 6 months ago

German inflation slows to 6.1% in May, though food prices are still surging

Associated Press  

BERLIN — German inflation eased to 6.1% in May following several months of declines, even as Europe’s biggest economy registered another painful increase in food prices of nearly 15%. Increases in energy prices, which drove inflation immediately after Russia’s invasion of Ukraine last year, were much lower in May at 2.6% — in part because of the sharp rises a …

German government doubles 2023 growth forecast to 0.4%
1 year, 7 months ago

German government doubles 2023 growth forecast to 0.4%

Associated Press  

BERLIN — The German government on Wednesday doubled its growth forecast this year for Europe’s largest economy after the country made it through the winter without major energy problems. The new government outlook for 2023 is a bit more optimistic than that of a group of four leading German economic research institutes, which earlier this month forecast growth of 0.3%. …

German economy shrank 0.2% in Q4, worse than expected
1 year, 10 months ago

German economy shrank 0.2% in Q4, worse than expected

Associated Press  

BERLIN — Germany’s economy shrank by 0.2% in the fourth quarter compared with the previous three-month period, official figures showed Monday. In the fourth quarter, “surging inflation weighed on consumers’ real purchasing power and concerns abounded about a possible acute gas shortage during the winter,” Timo Klein, principal economist at S&P Global Market Intelligence, wrote in a research note. Germany’s …

German economy to shrink in 2023, government advisers expect
2 years, 1 month ago

German economy to shrink in 2023, government advisers expect

Associated Press  

BERLIN — The German government’s panel of independent economic advisers forecast Wednesday that Europe’s biggest economy will shrink by 0.2% next year. But a weak winter, with gross domestic product declining in the last months of the year and in the first three months of next year, is still widely expected. The advisers’ forecast of 1.7% growth this year and …

Germany sees unexpected growth in 3rd quarter; inflation up
2 years, 1 month ago

Germany sees unexpected growth in 3rd quarter; inflation up

Associated Press  

BERLIN — The German economy grew in the third quarter, an unexpectedly positive performance powered largely by private spending, official figures showed Friday. “The German economy managed to hold its ground despite difficult framework conditions of the global economy, with the continuing COVID-19 pandemic, supply chain interruptions, rising prices and the war in Ukraine,” the statistics office said. “Looking ahead, …

German government: Economy to shrink in 2023 as war bites
2 years, 2 months ago

German government: Economy to shrink in 2023 as war bites

Associated Press  

BERLIN — The German government on Wednesday slashed its growth forecast for this year and predicted that Europe’s biggest economy would shrink in 2023 as it deals with the fallout from Russia’s war in Ukraine, including Moscow cutting off natural gas supplies. Habeck said that despite the grim growth projections, employment would likely remain “robust.” Russian imports once accounted for …

Europe's largest economy Germany will fall into recession in 2023: OCED
2 years, 2 months ago

Europe's largest economy Germany will fall into recession in 2023: OCED

Firstpost  

Germany is facing soaring inflation, particularly in energy prices, after Russia cut gas supplies through the Nord Stream pipeline as tensions mount over the Ukraine war New Delhi: Europe’s largest economy Germany will fall into recession in 2023, the Organisation for Economic Co-operation and Development said on Monday. “Pessimism regarding the coming months has grown decidedly.” Energy prices spike as …

Inflation hits 9.1% in countries using euro currency
2 years, 3 months ago

Inflation hits 9.1% in countries using euro currency

Associated Press  

LONDON — Inflation in the European countries using the euro currency hit another record in August, fueled by soaring energy prices mainly driven by Russia’s war in Ukraine. Annual inflation in the eurozone’s 19 countries rose to 9.1%, up from 8.9% in July, according to the latest figures released Wednesday by the European Union statistics agency Eurostat. In the euro …

Turkey’s inflation jumped to 24-year high of 79.6 percent in July
2 years, 4 months ago

Turkey’s inflation jumped to 24-year high of 79.6 percent in July

Al Jazeera  

Turkey’s inflation has been fuelled by the lira’s continued decline as well as the economic consequences of Russia’s invasion of Ukraine. Turkish inflation rose to a fresh 24-year high of 79.6 percent in July, data showed on Wednesday as the lira’s continued weakness and global energy and commodity costs pushed prices higher, though the price rises came out below forecasts. …

Why is inflation so high, and when will it ease?
2 years, 5 months ago

Why is inflation so high, and when will it ease?

LA Times  

Inflation’s relentless surge didn’t merely persist last month. Even if you toss out food and energy prices — which are notoriously volatile and have driven much of the price surge — so-called core inflation soared 5.9% over the last year. The inflation of the 1970s and early 1980s peaked at 14.8% in March 1980 before the Fed exorcized high prices …

Germany’s Scholz seeks broad alliance to curb inflation
2 years, 6 months ago

Germany’s Scholz seeks broad alliance to curb inflation

Associated Press  

BERLIN — German Chancellor Olaf Scholz said Wednesday he wants to join employers and labor unions in a “concerted action” to find ways of cushioning the effects of rising prices while preventing a spiral of inflation in Europe’s biggest economy. Germany, like other countries in Europe and beyond, already has seen inflation accelerate sharply since Russia’s invasion of Ukraine pushed …

German inflation rate hits highest level since early 1970s
2 years, 6 months ago

German inflation rate hits highest level since early 1970s

Associated Press  

BERLIN — Germany’s annual inflation rate accelerated to 7.9% in May, its highest level in nearly half a century, according to an official estimate Monday. The Federal Statistical Office said year-on-year inflation jumped from 7.4% in April, with energy prices 38.3% higher than in May last year and food prices up 11.1%. It is the highest inflation rate since the …

Inflation hits record high of 7.5% in countries using euro
2 years, 7 months ago

Inflation hits record high of 7.5% in countries using euro

Associated Press  

BRUSSELS — Inflation hit a record in April for the 19 countries that use the euro as skyrocketing fuel prices boosted by the war in Ukraine weigh on the region’s economic recovery from the coronavirus pandemic. Eurostat said energy prices jumped 38%, an indication of how Russia’s invasion of Ukraine is affecting the eurozone’s 343 million people. Eurostat said economic …

European economy sputters as war drives inflation higher
2 years, 7 months ago

European economy sputters as war drives inflation higher

CNN  

London CNN Business — The European economy slowed in the first three months of the year due to a combination of soaring inflation and early fallout from the war in Ukraine. “Russia’s brutal war against Ukraine has driven up prices for energy and foodstuffs, disrupted supply chains and dealt a serious blow to consumer confidence,” economists at Berenberg wrote in …

US inflation jumped 8.5 percent in past year, highest since 1981
2 years, 8 months ago

US inflation jumped 8.5 percent in past year, highest since 1981

Al Jazeera  

March inflation numbers are the first to include the hike in petrol prices spurred by Russia’s invasion of Ukraine in February. The United States Department of Labor said Tuesday that its consumer price index jumped 8.5 percent in March from 12 months earlier — the biggest year-over-year increase since December 1981. The March inflation numbers were the first to capture …

U.S. inflation jumped 8.5% in past year, highest since 1981
2 years, 8 months ago

U.S. inflation jumped 8.5% in past year, highest since 1981

LA Times  

Gas prices in Westchester were above six dollars on March 13. The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier, the sharpest year-over-year increase since December 1981. For the record: An earlier version of this story said consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982. Even …

Inflation in 19 nations using euro sets record for 4th month
2 years, 9 months ago

Inflation in 19 nations using euro sets record for 4th month

Associated Press  

LONDON — Surging energy costs have driven inflation in Europe to another record high, raising questions about when the central bank should step in to ease the pain to people’s wallets while Russia’s invasion of Ukraine rattles the global economy. The latest numbers underscore continuing pain for the continent’s consumers and pile more pressure on the European Central Bank as …

Inflation soars to highest level in almost 30 years
2 years, 11 months ago

Inflation soars to highest level in almost 30 years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inflation rose to 5.4 per …

US inflation reaches highest level in four decades as consumer prices jump 7%
2 years, 11 months ago

US inflation reaches highest level in four decades as consumer prices jump 7%

Hindustan Times  

Inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to the U.S. economy. US President Joe Biden issued a statement arguing that …

German inflation hits highest rate for almost 30 years in setback for Olaf Scholz
2 years, 11 months ago

German inflation hits highest rate for almost 30 years in setback for Olaf Scholz

The Telegraph  

The latest rise prompted pledges from the German finance minister, Christian Lindner, to support households hit by the price crunch. German savers have been hammered by eight years of negative interest rates and a huge €1.85 trillion Covid money-printing programme by the ECB, prompting calls from economists for the central bank to “take its foot off the gas” and rein …

Inflation in 19 nations using euro hits record high of 4.9%
3 years ago

Inflation in 19 nations using euro hits record high of 4.9%

Associated Press  

LONDON — Consumer prices across the 19 countries that use the euro currency are rising at a record rate as a result of a huge spike in energy costs this year, official figures showed Tuesday. Eurostat, the European Union’s statistics agency, said the eurozone’s annual inflation rate hit 4.9% in November, the highest since recordkeeping began in 1997 and up …

German inflation hits 29-year high as energy costs spike across Europe
3 years, 2 months ago

German inflation hits 29-year high as energy costs spike across Europe

CNN  

London CNN Business — Inflation in Germany hit its highest level in nearly three decades last month, fueled by rising energy costs, supply chain bottlenecks and price hikes following the easing of pandemic lockdowns. German consumer prices increased 4.1% in September compared with a year earlier, the country’s federal statistics office said in a statement. Annual inflation across the 19 …

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