At 8.7 per cent, the UK's inflation rate is higher than in France, Germany and the US The UK may avoid a recession like Germany's, but Brexit could mean worse damage in the long run
Germany is the European Union’s economic powerhouse, and now that it has fallen into recession the rest of the bloc will be worrying about whether the downturn will spread.Inflation is linked to rising energy costs and supply bottlenecks. Indeed, the statistics dent optimism following the winter when Germany and the rest of the EU were able to keep factories open and homes warm despite the severing of Russian gas supplies following the invasion of Ukraine.
“The optimism at the start of the year seems to have given way to more of a sense of reality,” says Carsten Brzeski, chief economist at ING Germany, pointing to the fall in purchasing power, thinned-out industrial order books and the expected slowdown of the US economy as key factors.
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