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Financial News: Germany Inflation Hits New Record High

Germany Inflation Hits New Record High

05/30/2022 - 08:57:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation accelerated at a faster-than-expected pace in May to reach its highest level in nearly half a century, preliminary figures from Destatis showed on Monday.

Consumer prices rose 7.9 percent year-over-year in May, faster than the 7.4 percent rise in April. Economists had expected inflation to rise to 7.6 percent.

Moreover, this was the highest inflation rate since the winter of 1973-74, when mineral oil prices rose sharply as a result of the first oil crisis.

The latest upturn in inflation was largely driven by a 38.3 percent surge in energy prices. Food prices also rose at an above-average rate of 11.1 percent.

Since the beginning of the war in Ukraine, energy prices in particular have risen noticeably and have a significant impact on the high inflation rate, Destatis said.

On a monthly basis, consumer prices went up 0.9 percent in May, beating economists' forecast for an increase of 0.5 percent.

The EU measure of inflation, or HICP, climbed 8.7 percent yearly in May, above the expected rise of 7.8 percent.

On a monthly basis, the HICP went up 1.1 percent from April. It was expected to increase by 0.5 percent.

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