Germany: in the face of galloping inflation, the government releases 200 billion euros to cap gas and electricity prices

Galloping inflation. Rising prices in Germany jumped in September to 10% year on year, due to soaring energy prices in the wake of the war in Ukraine, according to provisional figures published Thursday, September 29. This is the highest value recorded since December 1951.

As a result, Germany will release up to an additional €200 billion to cap gas and electricity prices. The details of the price cap device, demanded for weeks by companies taken by the throat, must still be refined and the date of entry into force of the measure is not yet known. The “shield” announced by Berlin comes on top of previous support measures already totaling around 100 billion euros.

“We find ourselves in an energy war for prosperity and freedom”justified the Minister of Finance Christian Lindner, stressing that the situation had worsened “after sabotage by unknown perpetrators” Nord Stream gas pipelines in the Baltic Sea. Germany is paying a high price for its dependence on Russian gas, which accounted for 55% of its gas imports before the war in Ukraine.

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