German Central Bank President Joachim Nagel has called for further interest rate hikes as the country faces its biggest inflation in 70 years.
“It is likely that supply chain difficulties and geopolitical tensions will continue. At the same time, Russia has sharply cut gas supplies and natural gas and electricity prices have risen more than expected,” Nagel said. This is also reported by the Financial Times.
According to him, the problem of high inflation will also worry Germany in 2023. He predicted that as the energy crisis worsens, a downturn is likely next winter.
Source: RIA Novosti