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Financial News: Germany Inflation Hits Record High As Estimated

Germany Inflation Hits Record High As Estimated

05/11/2022 - 04:08:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation hit a record high as estimated in April, final data from Destatis showed on Wednesday.

Consumer price inflation rose to 7.4 percent in April from 7.3 percent in March. The inflation rate hit an all-time high since German reunification and also came in line with the flash estimate published on April 28.

Destatis cited the development in energy prices as the one of the major cause for the record increase in overall prices. The above average increase in food prices also lifted consumer prices.

The impact of the war in Ukraine is becoming more and more visible, the statistical office said.

Prices of goods were up 12.2 percent from the last year. Energy product prices advanced 35.3 percent and food prices gained 8.6 percent. At the same time, services cost increased 3.2 percent.

Excluding energy prices, consumer price inflation rate stood at 4.3 percent in April, data showed.

On a monthly basis, consumer price inflation slowed to 0.8 percent, in line with estimate, from 2.5 percent in March.

EU harmonized inflation advanced to 7.8 percent in April, as estimated, from 7.6 percent in March.

Month-on-month, the harmonized index of consumer prices rose at a slower pace of 0.7 percent after climbing 2.5 percent in March. The final rate matched the initial figure.

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