The price of goods leaving German factories has passed an eye-watering milestone
German annual producer price inflation topped 30% in March, the country's Federal Statistics Office said on Wednesday. That's its highest level since the agency began collecting data 73 years ago.The biggest culprit? Energy prices, which rose nearly 84% from the same month last year. "Mainly responsible for the high rise of energy prices were the strong price increases of natural gas... which was [up] 144.8% on March 2021," the statistics office said in a statement.
According to the International Energy Agency, the country relies on Russia for about 46% of its consumption. An abrupt break with its biggest supplier would likely trigger rationing and inflict severe damage on its energy-intensive manufacturing sector. Economy Minister Robert Habeck has already warned Germans that they"will be poorer" as a result of the war. "It is not possible that this ends without costs for German society, it is unthinkable," he said last month.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Russia’s war in Ukraine may boost German interest in military serviceA 19-year-old says she is ready to volunteer to fight for her country, dismissing old assumptions about guilt and militarism.
Les mer »
German Technology Giant SAP, Previously Criticized By Zelensky, Announces Russian ExitUkrainian President Volodymyr Zelensky accused SAP of supporting the “bloody Russian aggressor” for continuing limited business operations in Russia in a viral March tweet.
Les mer »
German Technology Giant SAP, Previously Criticized By Zelensky, Announces Russian ExitGerman software company SAP will suspend all business in Russia, the company said in a press release Tuesday, coming on the heels of significant backlash against the company for its Russian business ties
Les mer »
What Is Hyperinflation? | Binance AcademyAll economies experience some level of inflation. Usually, governments and financial institutions work together to ensure inflation occurs at a gradual rate
Les mer »
New suicide hotline number is unknown to most AmericansWith just three months until '988' is launched as a shortcut to the national suicide prevention hotline, advocates are concerned that relatively few people know about it.
Les mer »