German factories battered by biggest price shock since records began
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German factories ravaged by biggest price shock since records began as Russian gas stranglehold sent bills soaring
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German factories have been plagued by their biggest price shock since records began when Russia’s stranglehold on energy supplies sent bills soaring.
According to the German Federal Statistical Office, prices for industrial products were 45.8 percent higher in August than a year earlier.
This was the biggest jump since data began in 1949, and the country was split between East and West.
Energy costs: workers at the VW factory in Wolfsburg. According to the German Federal Statistical Office, prices for industrial products were 45.8% higher in August than a year earlier
The numbers will put pressure on Chancellor Olaf Scholz’s triple coalition, which is trying to protect families from skyrocketing gas bills.
The German central bank, the Bundesbank, recently warned of ’emerging signs of a recession’.
The FSO said energy prices rose 139 percent in the past year, and jumped 20.4 percent between July and August when Russia first cut gas supplies through the Nord Stream 1 gas pipeline before shutting it down completely.