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German inflation falls back to 10 percent in November: Destatis-

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Federal Statistical Office

– The annual inflation rate in Germany, Europe’s largest economy, dipped slightly to 10 percent in November, according to preliminary figures released by the Federal Statistical Office (Destatis) on Tuesday.

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After rising for three straight months, the rate peaked at 10.4 percent in October, the highest level since the country’s reunification in 1990.

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In November, food prices still rose at an above-average rate of 21 percent year-on-year. Although energy prices fell slightly, German consumers still paid 38.4 percent more for energy products, including household power and motor fuels, than a year ago.

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Since the beginning of the conflict between Russia and Ukraine, energy and food prices have risen sharply and have had a “substantial impact on the inflation rate,” Destatis noted.

To cushion the effects of the energy crisis and record levels of inflation, the German government has approved three aid packages worth 95 billion euros ($98.8 billion). The measures include a tax cut on natural gas from 19 percent to 7 percent, which took effect retroactively from October.

An even larger “protective umbrella” of up to €200 billion was also created. The government approved last Friday the bills for the “central piece” of the protective umbrella, the cap on the prices of electricity and gas.

The price cap will be in place until April 2024. The aim is to “relieve consumers and the economy and protect them from very high energy prices,” the Ministry of Economic Affairs and Climate Action (BMWK) said in a statement.

With inflation still outpacing the rise in nominal earnings, real wages in Germany continue to fall, declining 5.7 percent on-year in the third quarter of 2022, according to provisional figures also released on Tuesday.

This development is likely to “continue to weigh on private consumption and dampen domestic demand,” Jan-Christopher Scherer, an economic expert at the German Institute for Economic Research (DIW Berlin) said on Tuesday.

While they helped consumers, some of the support measures, such as gas and electricity price brakes, also had “cushioning effects on inflation,” Scherer added.

The German Council of Economic Experts (GCEE), the government’s official advisory body, expects an inflation rate of 8.0 percent for 2022 before falling to 7.4 percent in 2023, according to its annual report released earlier this month. this month. (1 euro = 1.04 US dollar) ■

(Xinhua)

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