German economy: ‘Merciless’ inflation smashes forecasts to reach 40 year high | City & Business | Finance

Carsten Brzeski, global head of macro at ING Think, predicted average inflation of eight percent for the year with double digit territory possible over the summer.

Writing in a briefing note, he said: “Looking ahead, with the war in Ukraine and continued tension and upward pressure on energy, commodity and food prices, headline inflation in Germany will accelerate further in the coming months.

“The pass-through to all kinds of sectors is in full swing.

“Add to this the additional price mark-ups in the hospitality, culture and leisure sectors once the current round of restrictions is over and it is hard to see inflation coming down significantly any time soon.”