Inflation in Germany rose at its fastest pace in four decades, data published Thursday showed, as Russia’s invasion of Ukraine pushed up energy prices.
The last time prices rose at a faster pace was for West Germany in the autumn of 1981, as the Iran-Iraq War caused oil prices to increase sharply. On Wednesday, the Russian energy giant Gazprom stopped deliveries to Poland and Bulgaria for refusing to pay in rubles. While the soaring cost of energy was still the main driving force behind rising prices, “the pass-through to all kinds of sectors is still in full swing”, Brzeski said.
The currency bloc should “start to see inflation decline in the second half of the year”, de Guindos told a committee of the European Parliament
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