Europe's largest economy is sending recession signals.
Fog drifts by the banking district in Frankfurt, Germany, Monday, Sept. 26, 2022. Germany's key future indicator, the IFO survey of business confidence, pointed down for the fourth month in a row as high inflation fed by astronomical natural gas prices undermines consumer pricing power and imposes heavy costs on businesses.
“High energy and commodity prices are weighing on demand and putting pressure on profit margins,” said Carsten Brzeski, chief eurozone economist at ING bank. “Companies can no longer pass through higher costs to consumers as easily as in the first months of the year.” The news comes as more economists predict a recession for Europe as a whole. Germany was heavily dependent on cheap natural gas from Russia, which has cut back supplies to a small fraction of what they were before the Feb. 24 invasion of Ukraine. Gas is used to keep homes warm, run factories and generate electricity.
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Recession clouds gather in Germany, Europe's largest economyFRANKFURT, Germany (AP) — Europe's largest economy is sending recession signals. Germany's key future indicator, the IFO survey of business confidence, pointed down for the fourth month in a row as high inflation fed by astronomical natural gas prices undermines consumer pricing power and imposes heavy costs on businesses .
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