BERLIN
GERMAN consumer prices hit a 29-year high in November, preliminary data showed on Monday, as soaring energy costs and supply chain bottlenecks weigh on Europe’s top economy.
The annual inflation rate rose to 5.2 per cent, accelerating for the fifth month in a row, with the surge partially driven by a 22-per cent jump in energy prices, federal statistics agency Destatis said.
In October, prices had climbed by 4.5 per cent year-on-year. Germany’s Bundesbank central bank said earlier this month that German inflation could spike to just under six per cent this year.
The higher cost of living is being experienced across the eurozone at the moment, which will add to the pressure on the European Central Bank to tighten its ultra-loose monetary policy.
Spain too reported the highest level of inflation in nearly three decades on Monday.
This story is from the November 30, 2021 edition of The Morning Standard.
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This story is from the November 30, 2021 edition of The Morning Standard.
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