News Formal

High inflation here to stay for coming months, says German industry

  • 📰 inquirerdotnet
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 86%

Business News News

Business Business Latest News,Business Business Headlines

Germany’s inflation rate is unlikely to decline rapidly at present and the European Central Bank’s target of 2 percent will only become feasible by the middle of the decade, the BDI industry association said in a survey for Reuters published on Friday.

BERLIN –

Inflation, which slowed slightly to 11.3 percent in November from a high of 11.6 percent the month prior, is no longer driven primarily by energy costs but by a host of factors, BDI president Siegfried Russwurm said in a survey of several industry associations.“A return to a level of 2 percent is likely to take longer and can only be achieved by the middle of the decade if monetary policy takes effect,” he said.

The ECB has raised interest rates by a combined 2.5 percentage points since July – its fastest pace of monetary tightening on record – to counter inflation.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall St ends firmer, growth stocks lead in thin tradingWall Street’s main indexes closed higher on Thursday, led by growth stocks in light trading, as U.S. unemployment data signaled the Federal Reserve’s interest rate hikes might be starting to dent labor market strength in its bid to fight inflation.
Source: inquirerdotnet - 🏆 3. / 86 Read more »