Germany's inflation reaches highest level since 70s oil crisis
Amidst wheat shortages and fears of a global food crisis, food prices increased by 11.1 per cent, while energy prices soared by 38.3 year-on-year, Xinhua news agency quoted Destatis as saying. The spike in energy prices has been caused by the Russia-Ukraine war, and has had a "considerable impact on the high inflation rate", the Office said.
German inflation jumps to 40-year high
The national consumer price index (CPI) in Germany climbed up from 5.1 per cent in February, Xinhua news agency reported, citing the preliminary figures published by the Federal Statistical Office (Destatis). "The last time the inflation rate in Germany was at a similar level was in the autumn of 1981, when mineral oil prices also rose sharply as a result of the effects of the first Gulf War," Destatis said.
German Finance Minister vows further relief amid high energy prices
"As a coalition, we agree further relief will come," he said on Wednesday while presenting this year's federal budget in the German Bundestag, the lower house of Parliament. Due to the consequences of the Covid-19 pandemic and the Russia-Ukraine conflict, "the economic development in our country is characterised by great uncertainty", Lindner said, adding that an appropriate response from government fiscal policy is all the more important.
Germany's GDP growth forecast halved due to Ukraine crisis
The annual inflation rate in Germany is expected to rise to 5.8% in 2022, the highest since the country's reunification more than 30 years ago, according to the institute's "Spring Forecast". The Ukraine crisis "delays the return to pre-Covid-19 levels into the second half of the year" and is "putting a noticeable strain on the German economy and increases the already strong inflationary pressure", Xinhua news agency quoted IfW Kiel.
1 in 7 German companies fear for survival: Survey
Travel agencies and tour operators, as well as companies in the event industry in Germany considered themselves to be particularly at risk, with 73.2 per cent and 67.4 per cent fearing for survival, respectively, reports Xinhua news agency citing the published by the Munich-based ifo Institute on Monday. The situation was only slightly better in the country's restaurant and catering as well as in the accommodation industry.
Italy, Germany likely to bring positions closer over EU fiscal rules
The two countries have long held different views on the EU's budget and public debt rules (i.e. on how the bloc's member states should manage their public spending), with Italy pursuing a more flexible approach and Germany a stricter one, reports Xinhua news agency. "Next Generation EU" recovery instrument -- the Italian Prime Minister said the bloc needed to proceed further with its integration process and find an agreement on the rules of the Stability and Growth Pact.
EVs set to raise India's import from Germany: Report
The report cited that total import to India from Germany has increased by 3.56 per cent for the period April 2020-January 2021. "Germany delivers a $11,420 (9,480 euros) subsidy for EVs, with $4,192 (3,480 euros) of that chipped in by OEMs. The economic and trade relations between the countries are strong, with Germany being India's largest trading partner in Europe."
Accenture to acquire German firm umlaut
The acquisition will scale Accenture's deep engineering capabilities to help companies use digital technologies like cloud, artificial intelligence, and 5G to transform how they design, engineer and manufacture their products as well as embed sustainability. This will add more than 4,200 industry-leading engineers and consultants across 17 countries to Accenture's services.