German President: Germans will have to sacrifice due to Ukraine crisis

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German citizens will need to learn to be modest and accept the sacrifices and losses they are going through during the current crisis, President Frank-Walter Steinmeier said on Friday.

"It is clear that, over the coming years, we will need to accept that sacrifices must be made. Most have already felt the effects. We all must contribute to whatever we can. This crisis demands that we relearn to be modest," the president said, addressing the country over the Ukraine crisis and the challenges it has triggered for the German people.

The German President added that there were also many who had already sacrificed a lot over the past months and years in Germany.

"I know that, although we live in a rich country, many cannot make sacrifices – because they are already making sacrifices all day, every day. This crisis is affecting people who, even before the war began, faced a daily struggle to get by; to pay their rent, or to give their children a good life," Steinmeier noted, adding that those who had made profits when "the wind was at our backs," could make sacrifices without exposing themselves to an existential danger.

Read: Politically, winter is coming: German Economy Minister

Annual inflation to reach record 10.4% in October - Statistics

Inflation in Germany is expected in October to jump to a record high of 10.4% year-on-year, up from 10% in September, the German Statistical Office (Destatis) said on Friday.

The numbers given by the statistical office exceed some expectations, with experts from the DailyFX finance portal expecting a rate of 10.1%.

Consumer prices in Germany increased this month by 0.9% over the previous month, according to preliminary estimates.

On the same month a year earlier, consumer prices under EU standards (harmonized consumer price index), accelerated growth to 11.6% in October and by 1.1% on September.

Energy prices jumped by 43% in October year-on-year, following 43.9% in September, the agency reported.

Destatis will publish the detailed information and the final October inflation data in Germany on November 11.

According to the Ifo Institute for Economic Research, the Munich-based think tank, the ongoing energy crisis as a result of the war in Ukraine is “wreaking havoc” on the German economy and they project it could lead to a 0.3% drop in GDP next year.

The Bundestag committee on energy warned that Germany's economic health is at stake considering the spiraling of energy prices out of control, which will serve as “a reminder of the good old days,” followed by German politician and fellow left-wing, Sahra Wagenknecht urging for the cancellation of restrictions and engaging in talks with Moscow.