Berlin (Reuters) – Germany’s 2022 inflation rate is more than twice that of last year’s 3.1%. Already high food and energy costs are being pushed up due to the conflict in Ukraine. According to Tuesday’s statement by Germany’s Chambers of Industry and Commerce, (DIHK), the DIHK said. 

DIHK stated that it expects inflation to reach 7% now, following initial forecasts of a 3.5% increase in February.

Germany’s economic ministry stated that in April, it had seen an inflation rate at 6.1% for 2022 and 2.8% the following year. It cited the effect of high energy prices in Europe’s most populous economy.

Nearly 40% of the roughly 25,000 companies surveyed plan to pass on the higher costs on to customers, said DIHK. More than any other company from industry or trade indicated that it would pass on cost increases.

The DIHK anticipates that there will be 1.5% economic growth in 2022. The DIHK expects private consumption to increase by 3% in 2018, compared to 0.1% in 2021. However, government spending is likely to remain stagnant this year.