Highest Inflation In Germany: The effect of the ongoing war between Russia and Ukraine is being seen on the market all over the world. Inflation is skyrocketing in many countries. The prices of everyday things have increased. Inflation in Germany is such that it has broken the record of the last 70 years.
Germany has recorded its highest annual inflation in more than 70 years, according to preliminary data released by the country’s Federal Statistics Office. Inflation in Germany is set to reach 7.9 percent in 2022 due to rising energy and food prices due to Russia’s invasion of Ukraine.
The last time annual inflation was close to this level was in 1951, when the post-war economic situation was bad and the country’s inflation rate at that time was 7.6 percent. Germany’s annual inflation in 2021 was 3.1 percent.
In a survey conducted among 400 retailers by the German trade association, less than a quarter of the retailers were enthusiastic about sales this Christmas. In fact, in October itself, there was a 5% decline in retail sales from last year.
Meanwhile, unemployment figures in Germany, part of Europe’s largest economy, rose to 5.4 percent in December. It is about 0.1 percent higher than in November.
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