German Inflation Soars as Energy Prices Skyrocket

Germany's inflation rate has risen to 2.9% in August, driven by surging energy costs.

The main driver behind the increase was a 10.5% rise in energy prices, according to preliminary data from the Federal Statistical Office (Destatis).

Inflation in food and services eased slightly, but the overall rate remains above the European Central Bank's 2% target.

Experts believe that the ECB will raise interest rates next month as a result of these inflationary pressures.