The current issue of the Bundesbank’s Monthly Report reports that German economic output was lower in the fourth quarter of 2022 than in the previous quarter. According to the Federal Statistical Office’s flash estimate, real gross domestic product (GDP) decreased by 0.2% on the quarter after seasonal adjustment. The Bundesbank’s experts are expecting yet another fall in economic output in the first quarter of 2023. The inflation rate is expected to continue to decline in the coming months, but underlying price pressure will remain high.