7/4, 4:44 PM (Source: TeleTrader)
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Scholz: Crisis will not be over in a few months

German Chancellor Olaf Scholz said on Monday that the effects of rising prices on citizens will be felt for some time, adding that the "crisis will not be over in a few months," emphasizing the country is facing "a historic challenge."

Speaking at a press conference following the inflation summit, Scholz underscored that the ongoing price increases are reminiscent of the 1970 inflation crisis, explaining that "as a country, we will only get through this crisis well if we join hands and if we agree on solutions together," as the effects of the war in Ukraine and the supply chains hindered by the global pandemic "created general uncertainty."

The head of the government stated that the meetings' goals are to develop joint instruments to combat price increases in Germany, with results expected in the fall.

Baha Breaking News (BBN) / AB