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Inflation in Germany reaches 50-year high

Strong increases in energy and food prices have pushed inflation in Germany to its highest level in almost 50 years. In May, consumer prices in the country were 7.9 percent higher than in the same month last year, according to calculations by the country’s Federal Statistical Office.

The inflation rate in Europe’s largest economy has remained above the seven-percent mark for the third consecutive month. From April to May 2022, prices in the country rose by 0.9 percent.

BREAKING: Germany reports annual inflation rate of 7.9% in May, the highest since the country's reunification.

— The Spectator Index (@spectatorindex) June 14, 2022

Inflation has not been this high since the fall of the Berlin Wall. The oil crisis in the 1970s sent prices rocketing in West Germany, in the winter of 1973 to 1974, the German daily Die Welt noted on Tuesday.

Germany 🇩🇪
Inflation has rocketed over the past 2 years. It is now higher than at any time since 1973/1974.

— James Melville (@JamesMelville) June 5, 2022

As pointed out by experts, the main reason for the high inflation is the rise in energy prices. “But we are also seeing an increase in the prices of many other commodities, especially food,” Georg Thiel, head of the Federal Statistical Office, said.

As the Die Welt stressed, “the war in Ukraine and the West’s sanctions against Russia are pushing up the prices of energy, raw materials and food – this in turn burdens businesses and consumers and slows down the economy.”

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