German inflation at highest level in nearly half a century

German inflation at highest level in nearly half a century


Cologne, Germany, February 19 2022: Consumer prices in Germany increased an annual 8.7% in May, the Federal Statistics Office said on Monday.

Sascha Schuermann | Getty Images News | Getty Images

German inflation reached its highest level in nearly half a century in May, a result of energy and food prices that have only gone higher and higher since the start of the war in Ukraine.

Consumer prices, harmonized to make them comparable with inflation data from other European Union countries (HICP), increased an annual 8.7%, the Federal Statistics Office said on Monday.

The last time inflation had been similarly high in Germany was during the winter of 1973/1974, when mineral oil prices spiked as a result of the first oil crisis, said the office.

The figure, which beat the 8.0% predicted by analysts in a Reuters poll, marks a second month in a row of record highs, after April’s rise of 7.8% was the biggest in four decades.

According to the office, energy prices rose by 38.3% in May compared to the same month last year, while food prices also rose at an above-average rate of 11.1%.

Holger Schmieding, chief economist at Berenberg Bank, said there is still some inflationary pressure in the pipeline for goods affected by supply bottlenecks and food before the situation eases from autumn.



Source

CNBC Daily Open: Despite all the uncertainty, the S&P 500 is flirting with record highs — strange times
World

CNBC Daily Open: Despite all the uncertainty, the S&P 500 is flirting with record highs — strange times

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 23, 2025. Brendan McDermid | Reuters Have we gone back in time? It certainly seems on the markets front. Just look at the S&P 500 and you will think that it’s back in February — before U.S. […]

Read More
Asia-Pacific markets set to trade mixed as Middle East tensions appear to ease
World

Asia-Pacific markets set to trade mixed as Middle East tensions appear to ease

A HDR evening shot taken at sunset of the Tokyo skyline. Fgm | E+ | Getty Images Asia-Pacific markets were set to open mixed Thursday, as investors continued to weigh the ongoing ceasefire between Israel and Iran. Japan’s benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 39,055 while […]

Read More
Stock futures are little changed as S&P 500 nears new record high: Live updates
World

Stock futures are little changed as S&P 500 nears new record high: Live updates

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 25, 2025. Jeenah Moon | Reuters Stock futures were relatively unchanged on Wednesday as the S&P 500 remains within striking distance of its all-time high. S&P 500 futures traded around the flatline, as did Nasdaq 100 futures. […]

Read More