Western Energy Alliance President Kathleen Sgamma explains how the Inflation Reduction Act will affect American energy production on Cavuto: Coast to Coast.
Inflation in Germany is at its highest level in over seven decades, according to new data released by the Federal Statistical Office on Tuesday.
Energy and food prices rose to 7.9% for 2022 after Russia’s invasion of Ukraine in February. Previously, annual inflation last year was 3.1%, according to the Associated Press, while it was 7.6% in 1951 .
The highest inflation month was October with a rise of 10.4%, followed by 10% in November. However, data suggest that inflation eased to 8.6% in December after the German government started making payments on household energy bills.
In December alone, energy prices rose by 24.4% compared to the same month last year, and food prices rose by 20.7%, the statistical office said.
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Energy and food prices in Germany have reached their highest level in seven decades. (Portal/Hannibal Hanschke/Portal)
Lately, as inflation continues to rise in Germany, unions have been calling for wage increases to offset the steady rise in consumer goods. In addition, unemployment increased slightly by 5.4% in the last month of the year.
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In the course of the year, the number of unemployed in Germany was 2.42 million and thus below the value of the same period of the previous year.
The war in Ukraine has not only affected gas supply lines to Europe, but has also drastically increased food prices, as Ukraine is one of the world’s largest exporters of wheat.
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