Germany Enters Recession in Blow to Europe’s Economy

[andhra_jp]

Second straight quarter of contraction in eurozone’s largest economy might prompt greater caution by central bankers

Germany slipped into recession during the first three months of the year, as households cut spending in response to sharply higher prices for energy and food.

With Europe’s largest economy now having shrunk for two quarters in a row, meeting the technical definition of a recession, the eurozone as a whole may also have also contracted in the first quarter.

The agency said a 1.2% fall in household consumption was the main reason for the contraction, as households saw their spending power eroded by a surge in food prices. In March, German households were paying 21.2% more for their food purchases than a year earlier.

https://www.wsj.com/articles/germany-enters-recession-in-blow-to-europes-economy-d252dad3?mod=business_lead_pos7

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