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Germany’s inflation rose to 8.8% in August, hitting a nearly 50-year record amid the country’s energy crisis.
Inflation in August topped the record high of 8.5% set by Germany in July, the highest since 1973, according to Reuters. .
“Judging from the current rate of inflation and the outlook for the future, [European Central Bank] We really need to start the jumbo interest rate step,” economist Thomas Gitzel told Reuters.
Germany is Europe’s largest economy, and many have called on the ECB to raise interest rates to keep inflation in check across the continent.
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Germany’s surge comes at a time when the US continues to struggle with inflation levels that remain at their highest level in 40 years. President Biden’s administration has faced fierce criticism, especially from Republicans in Congress, for its handling of the economy.
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House Minority Leader Kevin McCarthy attacked the president last week with a speech that “insulted” Americans instead of focusing on the economy.
“What Joe Biden doesn’t understand is that the soul of America wants a stronger, safer, more prosperous nation that he has slandered, the beloved families, the tens of millions of law-abiding They are hard working people,” McCarthy said in a speech in Scranton, Pennsylvania.
“How many people can afford to give up a month of income? Not many. will be,” he continued. “The Democrats have completely controlled Washington. They control the House, they control the Senate. They control the White House. They have all the levers of power.
US inflation is currently at 8.5%, up from 4.7% in 2021.