Berlin's Federal Statistics Office reports that the German economy contracted for the first time in four years during the second quarter of 2008.
It said the economy had shrunk 0.5 percent compared to the first three months of the year. Statisticians also revised first quarter growth, saying the economy expanded by only 1.3 percent, two-tenths of a percent lower than initially estimated. Meanwhile, inflation is at its highest level in 15 years owing to a worldwide surge in energy and food costs. Prices for consumer goods rose by 3.3 percent in July.
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