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German Inflation Accelerates Further to 7.4%

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German consumer prices climbed at the fastest pace in 40 years in April, as energy prices continued to surge during the month.

Source: Destatis

EWG is up 0.89%, while EZU is up 0.35%.

The overall inflation rate stood at 7.4%, up from 7.3% the previous month. The latest reading is the fastest since unification in 1981. Inflation versus the month earlier clocked in at 0.8%.

Among the indexes, energy reported the biggest increase with 35.3%, as prices continue to be hit by the ongoing conflict between Russia and Ukraine. This is similar to the energy inflation recorded in 1981 during the first Gulf war between Iraq and Iran.

Prices of goods jumped year on year by 12.0%, food by 8.5%, services by 2.9%, and rents by 1.6%. All indexes recorded faster growth when compared with the readings seen in the previous month.

The uptrend was also attributed to delivery bottlenecks caused by supply chain disruptions amid the COVID-19 pandemic and the higher prices at upstream stages in the economic process.

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