Germany: Predicts 8.7% Inflation for 2023

Winter’s coming on the continent:

Reuters headline: German economic institutes cut 2023 GDP forecast…

BERLIN, Sept 8 (Reuters) - Two of Germany’s leading economic institutes lowered their forecast for Europe’s largest economy next year, predicting high energy prices caused by the Ukraine war would take their toll.

The IfW institute in Kiel predicted on Thursday that the economy would contract by 0.7% in 2023, a U-turn from its June forecast foreseeing growth of 3.3%.

The RWI institute in Essen lowered its 2023 forecast but still predicted growth of 0.8% instead of a previous 2.7%.