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(Morning News) The monthly report of the German Federal Bank on Monday (August 22) stated that the possibility of the German economy into a decline is getting greater, and inflation will continue to accelerate.It reached a peak of more than 10%in autumn.
Because large German industries seriously rely on Russia's natural gas, Germany is one of the countries that are most likely to be affected by energy supply interruption.In addition, the soaring cost has aggravated the pressure of the industry.
The German Federal Bank said: "The decline in the output of winter economic output may have been greatly improved. This winter's natural gas supply is very uncertain, and the sharp rise in prices may bring heavy pressure on families and companies."
Russia has been reducing natural gas exports to counterattack the sanctions against Russia on the Ukrainian war on Western countries.Most economists believe that the economic recession in Germany is inevitable. High prices and natural gas shortages have forced Germans to reduce consumption.Energy -intensive industries such as metal output and fertilizer production are seriously affected.
At the same time, energy costs will continue to push up inflation, and it is unlikely to fall back before autumn.
The German Federal Bank warned that high inflation will increase the risk of rapid wages, especially considering that the current unemployment rate is at a new low, and the spiral expansion of wages and prices will lead to high inflation.
