Inflation in Germany hits double-digits for first time in 70 years as recession fears grow

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They wrote in a statement: “Soaring gas prices are drastically increasing energy costs, leading to a massive reduction of the purchasing power.”

The publication of both sets of figures came just hours before Olaf Scholz, the German Chancellor, announced a new €200billion (£177billion) package of measures to freeze energy prices into 2024.

Berlin has suspended its limit on new debt this year, and the relief package would be financed through borrowing, Germany’s finance minister, Christian Lindner, said today.

He described the nation being in the midst of an “energy war”, in reference to the chaos caused to the Continent by Russia’s decision to shut off gas supply.



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