Strong price increases for energy and food have driven the inflation rate in Germany to its highest level for almost 50 years.
In May, consumer prices were 7.9 percent above the level of the same month last year, as calculated by the Federal Statistical Office. The inflation rate in Europe’s largest economy thus remained above the seven percent mark for the third month in a row. From April to May 2022, prices rose by 0.9 percent. The Wiesbaden statisticians confirmed their provisional information from the end of May on Tuesday.
Inflation rates at the current level have never existed in reunified Germany. In the old federal states, you have to go back in the time series to the winter of 1973/1974 to find similarly high values. At that time, mineral oil prices had risen sharply as a result of the first oil crisis. Higher inflation rates reduce the purchasing power of consumers because they can then afford less for one euro.
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