Deutsche Bank warns of rising inflation in Germany to 10%

If restrictions are imposed on Russian energy carriers, the price increase in Germany could exceed 10%, Karl von Rohr, vice president of Deutsche Bank, said in an interview with the Frankfurter Allgemeine Sonntagszeitung newspaper.

“Our forecast is that during the year we will be at the level of inflation of 7-8%. In the event that energy imports are further restricted, we may even see 10% or more,” he said.

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Rohr noted that once the embargo is in place, Germany could face inflation rates the country has not seen since the 1970s.

Vice-Chancellor of Germany, Minister for Economic Affairs and Climate Protection Robert Habeck said earlier that the imposition of a ban on gas supplies from RUSSIA in the near future could undermine public order in Germany. 

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German Chancellor Olaf Scholz opposed a sharp embargo on energy supplies from Russia and noted that Germany's decision to become independent of Russian supplies would increase spending on imported energy.

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President of the Federal Association of German Industry (BDI), Siegfried Russwurm, pointed out that in the event of a refusal to supply Russian gas, the industry would collapse.