The slump in German retail sales in April is a reminder than surging inflation is a headache not only for the ECB but also for households whose purchasing power is being eroded. Stagflation is gathering pace. Next week, other than the ECB meeting in Amsterdam we expect to learn that German industrial production fell further in April.
We are sending this Weekly two days earlier than usual because Capital Economics’ London office is closed on 2nd – 3rd June for the Queen’s Platinum Jubilee celebrations.
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