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MNI BRIEF: German Inflation Seen Slowing to 3.3% in 2023 -Ifo

(MNI) London
(MNI) London

German economic institute sees inflation slowing in 2023 as commodities, supply chain pressures ease.

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Germany's inflation is expected to average 6.8% in 2022 and the slow to 3.3% in 2023, the Munich-based Ifo Institute said Wednesday. The growth outlook for 2022 has been downgraded from the March forecast as the war in Ukraine rumbles on, now seen at 2.5% vs the 3.1% seen three months ago. In 2023, growth is expected to accelerate to 3.7%.

“Economic output is currently still 1 percent below the pre-pandemic level of late 2019,” says Timo Wollmershauser, Head of Forecasts at ifo. “But we’re expecting a gradual decrease in both commodity prices and material bottlenecks in the second half of the year.”

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Germany's inflation is expected to average 6.8% in 2022 and the slow to 3.3% in 2023, the Munich-based Ifo Institute said Wednesday. The growth outlook for 2022 has been downgraded from the March forecast as the war in Ukraine rumbles on, now seen at 2.5% vs the 3.1% seen three months ago. In 2023, growth is expected to accelerate to 3.7%.

“Economic output is currently still 1 percent below the pre-pandemic level of late 2019,” says Timo Wollmershauser, Head of Forecasts at ifo. “But we’re expecting a gradual decrease in both commodity prices and material bottlenecks in the second half of the year.”

Keep reading...Show less