Germans have grim expectations about economy
Germans have grim expectations about economy
Most Germans do not expect consumer price growth to ease next year, according to a survey released on Monday by analytics firm YouGov. Inflation in Europe’s top economy hit double digits for the first time in 70 years this fall.
Half of the 2,057 people surveyed consider it likely that inflation will continue to rise in 2023. Just under a third (28%) expect price growth to remain at the high level of the past months. Only 13% of respondents expect lower inflation in 2023. The poll was conducted on behalf of the National Association of German Cooperative Banks.
Looking ahead to the next three years, the majority of those polled expect inflation to continue to rise or at least remain at the same high level. Only 28% anticipate rates falling, while 12% refused to express their opinion on the matter.
The results of the survey show “that the inflation rate is already threatening to become entrenched in people’s minds – with a corresponding impact on their behavior,” according to Jurgen Wache, spokesperson of the board of directors of Hannoversche Volksbank, as cited by the news agency DPA.
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