Annnnnd the Germans are in deep shit:
According to release statistics from the German economic ministry, energy prices in August were more than double the same period last year, up 139%. The monthly increase was more than 20.4% higher than July. Additionally, producer prices for electricity rose 174.9% compared with August 2021 and by 26.4% in a single month.
This jaw-dropping increase in energy cost has resulted in German manufacturing prices for industrial goods jumping 7.9% in August alone, with a year-over-year increase in the cost to manufacture goods at 45.8%. That is the highest rate of price increase since Germany began recording their statistics in 1939.
It’s a pity they didn’t start in 1919, because then we could have compared today (and tomorrow, from the looks of things) to the numbers from the Weimar Republic. Nonetheless, Germany’s in for a rough ride.
Couldn’t happen to a nicer bunch of watermelons.