German President: Germans will have to sacrifice themselves because of the Ukrainian crisis

German President Frank-Walter Steinmeier addresses the country on the Ukraine crisis and the challenges it faces as annual inflation hit a record 10.4% in October according to statistics.

  • German President Frank-Walter Steinmeier

German citizens will have to learn to be modest and accept the sacrifices and losses they are suffering during the current crisis, President Frank-Walter Steinmeier said Friday.

“It is clear that in the years to come we will have to accept that sacrifices are necessary. Most have already felt the effects. We must all contribute what we can. This crisis demands that we relearn to be modest” , the president said, addressing the country about the Ukrainian crisis and the challenges it has brought for the German people.

The German President added that there were also many who had already sacrificed a lot over the past months and years in Germany.

“I know that, although we live in a rich country, many cannot make sacrifices – because they already make them all day, every day. This crisis affects people who, even before the start of the war, had to struggle daily to get by; to pay their rent, or to give their children a good life,” Steinmeier noted, adding that those who made profits when “the wind was at our backs” could make sacrifices without exposing themselves to existential danger.

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Annual inflation will hit a record 10.4% in October – Statistics

Inflation in Germany is expected to reach a record high of 10.4% year-on-year in October, compared to 10% in September, according to the German statistics office (Destatis) said on Friday.

The figures given by the statistics office exceed certain expectations, the experts of the DailyFX financial portal expects a rate of 10.1%.

Consumer prices in Germany rose this month by 0.9% from the previous month, according to preliminary estimates.

Compared to the same month a year earlier, consumer prices according to EU standards (harmonized index of consumer prices) accelerated growth to 11.6% in October and 1.1% in September .

Energy prices jumped 43% in October year on year, after 43.9% in September, the agency reported.

Destatis will publish detailed information and final data on October inflation in Germany on 11 November.

According to the Ifo Institute for Economic Research, the Munich-based think tank, the ongoing energy crisis following the war in Ukraine is “taking its toll” on the German economy and they predict it could lead to a decline by 0.3% of GDP next year.

The Bundestag’s Energy Committee has warned that Germany’s economic health is at stake given spiraling energy prices out of control, which will serve as a ‘reminder of the good old days’, followed by the German politician and fellow leftist Sahra Wagenknecht urging for the cancellation of restriction and start talks with Moscow.

Christi C. Elwood