German inflation climbs
German inflation gathered pace again in August, official data published Tuesday showed, as the soaring price of energy heaped pressure on households.
Consumer prices rose by 7.9 per cent in the year to August, according to the federal statistics agency Destatis, having fallen to 7.5 per cent in July.
Energy prices, which have taken off since the Russian invasion of Ukraine, had a "substantial impact on the high inflation rate", Destatis said in a statement.
The prices paid for household electricity and fuel rose by 35.6 per cent in the year to August, according to the agency.
Sky-high inflation figures -- well above the two per cent rate targeted by the European Central Bank -- have strengthened calls for a response from central bank policymakers and the government in Berlin.
Comments