For more details, see the speech “Recent Economic and Financial Developments and the Conduct of Monetary Policy” I delivered at a meeting with business leaders in Nagano in July 2009, a summary of which is available on the Bank’s web site.
Inflation and implications for monetary policy 3.1 Inflation remains much too high Now, let me turn to the actual topic of my speech: inflation. At almost 9%, Germany's headline inflation rate [HICP] last year was one of the highest since the foundation of the Federal Republic. February's rate of 9.3% –while lower than in the months before – is still far too high.