Inflation in Germany hit a record high of 8.8 percent in August due to soaring energy prices, adding further pressure on the European Central Bank (ECB) to massively increase interest rates at its next meeting.
Germany, the European Union’s largest economy, hasn’t had inflation rates this high since the winter of 1973–74, when global prices were fueled by the 1973 oil crisis.
Food and energy prices have been the primary driver of inflation, due in large part to the war in Ukraine. Energy prices in Germany were up 35.6 percent in August compared to the same time in 2021, and food prices were up 16.6 percent….