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.