Germany announces tax plan seeking to ease inflation burden
11 August 2022 | 7:17 am
The German Finance Ministry has revealed a plan to ease income tax in response to spiraling inflation. However, critics had claimed the measures would benefit top earners the most, and squeeze public spending.
Many were hoping the nation-wide rail pass would be extended in the face of rising energy costs. According to a recent poll, most Germans said they supported lower rail prices, subsidized by the government.
German businesses have been losing confidence in the current economic climate as growth prospects worsen. The ifo Institute that published the survey pointed to high energy prices.
Russia's Gazprom said it would again reduce gas deliveries through Nord Stream 1 by 20% for 'repairs,' cutting the current flow in half. The new blow to supply comes as Europe scrambles to store gas for winter.
Hundreds of thousands of Ukrainian refugees have arrived in Germany since the Russian invasion in March. They were promised access to housing, financial support and the job market. But things have not been that easy.
The carrier's ground staff went on strike, prompting more than 1,000 flights to be canceled. The walkout comes as air travel industry faces several crises.
Inflation in Germany is likely to start dropping again over the rest of the year, according to a prestigious economic think tank. But researchers warn food prices may still rise.
The Fed added 0.75% to its benchmark interest rate for a second straight time. The increase of the interest rate to its highest level in four years comes as inflation continues to reach new heights.
A new levy on gas consumers in Germany could cost households up to €1,000 a year. Germany's Economy Minister Robert Habeck said the move was not good, but was "necessary."
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Inflation is running at its highest levels ever among the 19 countries using the euro, according to numbers published by Eurostat. Energy prices, which went up almost 40% in July, have contributed to the record hike.
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