Frankfurt : Hit by sky-high inflation, a massive workers’ strike has brought Germany to standstill, crippling road, sea and air transport across the country. Ports and airports in the country remain closed, the strike put up on Monday being the biggest industrial action in decades.
Germany Inflation Rate is at 8.70%, compared to 8.70% last month and 4.30% last year. This is higher than the long term average of 1.91%.
Two of Germany’s largest labour unions are demanding a 10 percent to cope up rising cost of living. “It is a matter of survival for many thousands of employees to get a considerable pay rise, “ said Frank Werneke, head of the Verdi labour union that’s negotiating on behalf of around 2.5 million employees in the public sector including public transport and airports.
Despite relief measures, energy prices in February were 19.1% higher on the year, while food prices were 21.8% higher, the federal statistics office said.
Germany has been heavily dependent on Russia for fuel supplies and is hard hit since the Ukraine confllict although it is scrambling to find new energy sources. Incidentally, the surprise inflation figures from Europe’s largest economy come on a day afte two of the euro zone’s biggest economies – Spain and France – also posted unexpected rises.
