Germany: ‘Open possibility’ of double-digit inflation for another two years

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Germany’s central bank (Bundesbank) has warned that even a planned cap on gas and electricity prices will not be enough to reduce inflation from its current double-digit rate.

Inflation in Germany may remain in double digits for another two years as business operating costs have risen and in some cases ballooned, the head of the council of economists that advises the German government said today.

The Russian invasion of Ukraine has further increased already high food and energy costs, pushing inflation in Germany to the fastest rate since the early 1950s, while consumer prices rose around 11.3% in November.

Germany’s central bank (Bundesbank) has warned that even a planned cap on gas and electricity prices will not be enough to reduce inflation from its current double-digit rate.

RES-EMP

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