BERLIN: Germany will spend at least €65 billion (US$64.7 billion) on shielding customers and businesses from soaring inflation, Chancellor Olaf Scholz said on Sunday (Sep 4), two days after Russia announced it was suspending some gas deliveries indefinitely. The measures, agreed after 22 hours of talks b
BERLIN: Germany will spend at least €65 billion on shielding customers and businesses from soaring inflation, Chancellor Olaf Scholz said on Sunday , two days after Russia announced it was suspending some gas deliveries indefinitely.
In Germany, where year-on-year inflation was running at 7.9 per cent in August, the effect has been exacerbated by Russia's reduction in volumes of gas pumped to the country, which has caused a surge in the price of energy fuelling Europe's largest economy. But while supplies were sufficient, the government would need to help shield consumers and businesses from the higher costs, he said.
Scholz rejected suggestions that losing the steady flows of cheap Russian gas off which Germany has prospered for decades could herald a new, darker era for his country.
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