German inflation rises above expectations to 7.6 percent in March – POLITICO

FRANKFURT – German annual inflation rose to 7.6 percent in March, surging well above expectations, preliminary data from the national statistics office shown Wednesday.

Ahead of the release, a Reuters poll of economists forecast inflation at 6.7 percent.

Inflation rose 7.3 percent by national reporting standards, the press release showed.

Earlier on Wednesday, the German government’s Council of Economic Advisers forecast average inflation this year at 6.1 percent, more than triple the European Central Bank’s price stability target, before falling to 3.4 percent in 2023.

Euro zone inflation is due to be released on Friday.

The European Commission’s Indicator of Economic Sentiment released on Wednesday also sent a warning signal of further inflation to come. The survey showed that sales price expectations for the next three months have risen to unprecedented levels in all economic sectors surveyed.

This morning ECB President Christine Lagarde called that the war in Ukraine will push up inflation in the short term. At the same time, however, she warned that the region faces significant risks to growth, which would only require policymakers to take a step-by-step approach to combat rising prices. German inflation rises above expectations to 7.6 percent in March - POLITICO

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