This year’s Spring Conference held by the Bundesbank’s Research Centre focused on “Structural changes and the implications for inflation”. A large number of researchers from central banks, universities and other institutions based in Germany and abroad met in Eltville to discuss this topic. Bundesbank President Joachim Nagel spoke in a video message. 

Energy prices skyrocketed and the cost of groceries went up significantly: life suddenly became more expensive in many places starting in early 2021. In the current issue of the Monthly Report, the Bundesbank’s economists examine what was behind these price increases, why inflation has since eased again and what role was played by central banks. They also reveal why the path back to price stability has posed no major disruptions to the real economy so far.

Germany’s current account posted a surplus of €16.2 billion in June 2022, meaning that the result was clearly positive again following the slight deficit of €0.4 billion in the previous month. This was primarily caused by the sharp shift in invisible current transactions, which comprise services as well as primary and secondary income. There was also a higher surplus in goods trading