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29th Mar 2024

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German inflation at almost 50-year record

Germany's annual inflation rate rose to 7.9 percent in August, returning to its highest level in half a century after it dipped in the two previous months, AP reported. Inflation hit 7.9 percent in May — the highest rate since the 1973-1974 oil crisis— before slipping to 7.5 percent by July. The statistics office said energy prices were up 35.6 percent on the year and food prices rose 16.6 percent.

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Opinion

EU Modernisation Fund: an open door for fossil gas in Romania

Among the largest sources of financing for energy transition of central and eastern European countries, the €60bn Modernisation Fund remains far from the public eye. And perhaps that's one reason it is often used for financing fossil gas projects.

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

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