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Inflation in Germany climbed to 8.8% in August, a nearly 50-year record that comes in the midst of an energy crisis in the country.
Inflation in August broke Germany’s previous record of 8.5% set in July, a level the country hadn’t seen since 1973. The peak comes despite Germany’s measures to stem inflation last month, including cheaper public transport and lower gas taxes, according to Reuters.
“Judging by the current inflation rate and what is yet to come, the [European Central Bank] it should actually launch a huge step on interest rates, ”economist Thomas Gitzel told Reuters.
Germany is Europe’s largest economy and many countries have asked the ECB to raise interest rates to stem inflation across the continent.
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Germany’s peak comes as the US continues to suffer from inflation levels hovering around 40-year highs. President Biden’s administration has faced heavy criticism for its handling of the economy, particularly from Republicans in Congress.
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House minority leader Kevin McCarthy attacked the president last week for a speech that “denigrated” Americans rather than focus on the economy.
“What Joe Biden doesn’t realize is that the soul of America is the tens of millions of such hardworking people, loving families, law-abiding citizens he has vilified for simply wanting a stronger, safer and more country. prosperous, ”McCarthy said in a speech in Scranton, Pennsylvania.
“How many of you can afford to give up a month of your income? I bet not many. But if you have had a steady salary in the last year, you have been deprived of more than a month of your income,” he continued. “The Democrats had total control in Washington. They control the House, they control the Senate. They control the White House. They have all the levers of power. So let me ask you. How did they do it?”
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US inflation is currently at 8.5%, up from 4.7% in 2021.