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German Annual Inflation Surges 7.6%, More than Expected in March

Germany High Resolution Economy Concept

German annual inflation surged more than anticipated in March as prices of natural gas and mineral oil products grew after Russia’s invasion of Ukraine.

Source: Federal Statistical Office.

DAX down -1.62%, EUR USD up +0.47%

Consumer prices, harmonized to make them comparable with inflation data from other European Union countries (HICP), jumped 7.6% on the year after 5.5% in February.

German consumer price index (CPI) expanded by 7.35 year on year after an inflation rate of 5.1% in February.

A high inflation rate in Germany was last posted in the autumn of 1981 after mineral oil prices rose as a consequence of the first Gulf war.

The inflation rate remains high despite the base effects caused by the short-term reduction of value-added tax rates and a sharp fall in mineral oil product prices in 2020.


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