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German inflation at highest level in nearly half a century


Cologne (Germany), February 19, 2022: The Federal Statistics Office announced Monday that German consumer prices rose 8.7% annually in May.

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German inflation hit its highest point in almost 50 years in May. This is due to rising energy prices and increased food prices since the beginning of the conflict in Ukraine.

According to the Federal Statistics Office, consumer prices rose by 8.7% in an average year, according to Monday’s report. This was a result of harmonizing them with data on inflation from other European Union member countries (HICP).

According to the office, the last time Germany had experienced similar high inflation was in the winter 1973/1974 when prices for mineral oil rose due to the first oil crisis.

After April’s 8.8% rise, this month saw record-breaking numbers.

According to the office in May, energy prices rose 38.3% compared to last year. Food prices rose at an even higher rate, 11.1%, according to the office.

Chief economist of Berenberg Bank Holger Schmieding stated that there are still inflationary pressures in place for products affected by supply shortages, and food, before things improve from fall.