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Financial News: Germany Inflation Hits Record High As Estimated

Germany Inflation Hits Record High As Estimated

06/14/2022 - 03:18:00 (RTTNews)

(RTTNews) - Germany consumer price inflation accelerated to a record high in May, as initially estimated, driven by higher energy prices, final data from Destatis showed on Tuesday. Consumer price inflation rose to 7.9 percent in May from 7.4 percent in April. The rate came in line with the flash estimate published on May 30.

A higher inflation was last reported in winter 1973/74, when mineral oil prices sharply increased as a consequence of the first oil crisis, Georg Thiel, President of Destatis said.

"The inflation rate thus reached an all-time high for the third month in a row since German reunification," Thiel said.

The increase in energy prices had a substantial impact on the inflation rate. Delivery bottlenecks due to interruptions in supply chains also contributed to the record high inflation.

Energy product prices surged 38.3 percent from the last year. Further, food prices rose by 11.1 percent for households in May. Prices of goods were up 13.6 percent and that of services climbed 2.9 percent.

Excluding energy prices, the inflation rate came in at 4.5 percent in May.

Month-on-month, overall consumer prices rose 0.9 percent, in line with preliminary estimate, after climbing 0.8 percent in April.

The EU measure of inflation, or HICP, advanced 8.7 percent annually, faster than April's 7.8 percent increase. On a monthly basis, the HICP gained 1.1 percent versus a 0.7 percent rise in April. Both annual and monthly rates were confirmed. Another report from Destatis showed that wholesale price inflation moderated from a record high in May. Nonetheless, wholesale prices logged a strong double-digit growth of 22.9 percent annually after rising 23.8 percent in April.

The 22.9 percent increase in wholesale prices reflects higher raw materials and intermediate product prices. The largest contribution came from mineral oil product prices, which grew 63.5 percent.

Month-on-month, wholesale price inflation eased to 1.0 percent from 2.1 percent in April.

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