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.
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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.