Inflation has peaked in Germany - Bundesbank's Nagel

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MARRAKESH - Inflation in Germany is on a downward trajectory, Bundesbank President Joachim Nagel said on Friday on the sidelines of an International Monetary Fund meeting in Marrakesh.

"The 10 interest rate hikes - and this is crucial from the central bank's point of view - are having their effect," he said. The impact of the energy crisis combined with high interest rates and weak global demand for exports have weighed on Europe's largest economy, which is expected to shrink by 0.4% this year, according to a government forecast.

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