Inflation in Germany Nears 50-Year Peak
Annual inflation in Germany accelerated to 7.9% in May, final estimates from the country’s Federal Statistical Office (Destatis) show.
In May alone, consumer prices rose by 0.9%, after jumping 0.8% in April.
“The inflation rate thus reached an all-time high for the third month in a row since German reunification. The main reason for the high inflation still is price rises for energy products. But we also see price increases for many other goods, especially food”, said Dr. Georg Thiel, President of Destatis.
“A similarly high inflation rate was last recorded in the former territory of the Federal Republic in winter 1973/1974 when mineral oil prices had sharply increased as a consequence of the first oil crisis”, Thiel said.
Food prices rose by 11.1% for households in May 2022 year on year. The price increase thus accelerated markedly again, following an 8.6% rise in April 2022.
Price rises were recorded for all food groups.
Prices of edible fats and oils rose substantially (+38.7%). Two-digit rates of price increase were also observed for meat and meat products (+16.5%), dairy products and eggs (+13.1%) as well as bread and cereals (+10.8%).
For more details, see the Destatis press release: https://www.destatis.de/EN/Press/2022/06/PE22_245_611.html