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Inflation to hit a 70-year high of 10% in Germany due to Russia's natural-gas crisis
Posted on August 29, 2022 |
- The national economy is likely to be unsettling next year as inflation will remain in 2023 due to supply chain bottlenecks and geopolitical pressures.
- Natural gas and electricity prices are already higher than expected, and lower gas imports from Russia due to an extreme heatwave in Europe led to lower water levels in major European rivers and hindered river transportation, which severely hit the German economy.
- Gas supplies from Russia are declining due to technical issues from Ukraine-related sanctions.
- Russia's state energy giant, Gazprom will terminate gas transit via the Nord Stream 1 pipeline for 3-day maintenance works between August 31 and September 2, and gas supplies to the EU through Nord Stream 1 fell by 20% of the maximum level last month.