Inflation in Germany accelerated to 7.9% in May from 7.4% a month earlier, setting a record for the third time in a row, the Federal Statistical Office of Germany announced on Tuesday. The statistics correspond to preliminary calculations, Trend reports with reference to TASS.
According to the report, inflation in Germany reached the maximum figure for the third month in a row. The main reason for high inflation was rising energy prices, President of the Statistical Office Georg Thiel said. The department also reported an increase in prices for many other goods, especially food. The last time such a high level of inflation was observed was in the winter of 1973-1974, when oil prices rose sharply because of the oil crisis, Thiel added.
After the start of the special operation in Ukraine, energy prices rose sharply, which largely affects inflation. For example, natural gas prices increased by 55.2% compared to May 2021, fuel prices - by 41%. Without taking into account the increase in the prices of energy resources and food, inflation would have been 3.8%, the report said. Another factor in the growth of inflation was the disruption of supply chains amid the coronavirus pandemic.
According to the forecast of German federal bank Bundesbank, inflation by the end of the year will be at the level of 7.1%.