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German inflation hits highest level in almost 50 years

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Inflation climbs again in August, strengthening the case for the ECB to go for a larger rate hike in September

The Reichstag in Berlin, Germany. Picture: REUTERS/ANNEGRET HILSE

Consumer prices, harmonised to make them comparable with inflation data from other EU countries , increased by 8.8% on the year, following an unexpected 8.5% rise in July, the federal statistics office said on Tuesday. The reading was in line with a Reuters poll of analysts. “Judging by the current inflation rate and what is still to come, the ECB should actually launch a jumbo interest rate step,” said VP Bank chief economist Thomas Gitzel.

At 8.9%, eurozone inflation is already more than four times the ECB’s 2% target and could exceed 10% in the coming months.

 

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a major rate by the ecb is looming.

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