From 8.5% inflation rate in July, Germany has seen the August Inflation rise to 8.8%, a level the country hasn’t seen since 1973.
According to Reuters report, Germany had taken measures such as cheaper transportation and lower gas taxes to stem inflation in the preceding month, yet Inflation in the country hit a near 50-year record in August.
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Germany, the largest economy in Europe along with many other countries have called for the European Central Bank to raise interest rates across the European Union Countries.
Germany’s spike comes as the U.S. continues to suffer from inflation levels hovering around a 40-year-high. President Biden’s administration has faced heavy criticism for its handling of the economy, particularly from Republicans in Congress.
In August, Investogist reported that UK inflation rate jumped to 10.1 per cent in July 2022, the first time it has recorded double digit inflation rate in over 40 years.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
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