Berlin-Sana
German Finance Minister Christian Lindner acknowledged today that inflation is "eroding the foundations of his country's economy."
Reuters quoted Lindner as saying that official data showed that producer prices in Germany jumped 33.6 percent year on year in last May, which Germany should expect interest payments of 30 billion euros (31.65 billion dollars) in 2023, compared to 4 billion euros in 2021.
The German minister indicated that he told the German Federation of Industry that inflation is eating away at the economic basis of everything.
Official data released in Germany last year showed that the slump in capital investment, private consumption and exports pushed the German economy into recession in the first quarter of the year.
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