German central bank cites persistent high inflation
The head of the German Central Bank, Joachim Nagel, stated that the inflation rate remains extremely high despite the decline in oil prices. He emphasized the importance of the European Central Bank continuing to raise interest rates. He pointed out that the drop in oil prices from its peak of $120 to about $73 was not entirely expected, but he considers that current changes will not significantly alter its strategy to combat inflation. Inflation rates in Germany are expected to rise as a result of the end of the fuel tax discount. Additionally, data indicates that inflation in Europe decreased to 2.8% in June, down from 3.2% in May.
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