Producer prices in Germany are at +34% on a year-to-year basis, three points higher than the already historical record of last month. This will automatically spill over into consumer prices, where food prices are already 17% higher than last year, the German Statistics Bureau reported.
Meanwhile, the U.K. is witnessing the highest inflation rate among G7 members, with 9%. Bank of England Governor Andrew Bailey said he fears double-digit inflation rate soon and apologized for his “apocalyptic” tones, according to Deutsche Welle.
