Consumers around the world have been facing a cost-of-living crisis, and the rising inflation has only been eating away at the wages of the common man. Owing to the energy crisis and an unstable macro-economy, inflationary numbers of individual Eurozone nations have been on the rise.
In Germany, inflation reached 10% in September, the highest in more than three decades. The rate has increased substantially when compared to August’s 7.9%. Notably, inflation has remained above 7% for seven months now.
Alongside, the nation’s consumer prices, harmonized to compare with other European countries, were 10.9% higher year-on-year in September, the Federal Statistical Office said on Thursday.
Chalking out the reasons for the rising numbers, Georg Thiel—President of the Federal Statistical Office—said,
“The main reasons for the high inflation are still enormous price increases for energy products. But we are also increasingly seeing price increases for many other goods, especially food. In addition, the expiry of the 9-euro ticket and the fuel discount increased the price increase in September 2022.”
Germany-based Journalist Holger Zschaepitz took to Twitter to claim that Germany is heading towards an inflationary recession or “cyclic stagflation on steroids.” He further revealed that the consensus forecast for next year projects an economic contraction. Alongside, the inflation expectations in the said Eurozone nation also continue to rise.
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Germany notes highest crypto inflows
Despite the rising prices, crypto-related digital asset investment products noted inflows in Germany last week. As illustrated below, the said nation noted the highest positive flows that summed up to $2.9 million, indicating that institutions have been accumulating crypto.
On the other hand, in places like Canada and Sweden, pessimism continues to prevail, for institutions have collectively been letting go of their crypto HODLings.
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