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Germany’s Inflation Rate Surges to 7.9%, Its Highest Level Since 1970s

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National flag of Germany with a large display of daily stock market price and quotations during economic recession period. The fate and mystery of German stock market, tunnel/corridor concept.

Germany’s annual inflation rate expanded to 7.9% in May, its highest level in almost half a century.

Source: Federal Statistical Office

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Year-on-year inflation rose from 7.4% in April, with energy prices 38.3% higher than in May last year, and food prices rose by 11.1%.

The inflation rate in Germany stood at a high of 5.1% in February and topped the 7% mark in March after Russia’s invasion of Ukraine.

On a monthly basis, the statistics office stated that prices increased by 0.9% in May.

Energy prices have increased significantly since Russia’s invasion of Ukraine and have had a massive impact on the high inflation rates.

Food prices also rose by 11.1% due to interruptions in supply chains caused by the Covid-19 pandemic.

 

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