News ID: 323851
Published: 0231 GMT August 30, 2022

German inflation hits nearly 50-year high in August

German inflation hits nearly 50-year high in August

German inflation rose to its highest level in almost 50 years in August, beating a previous high set only three months earlier, as energy prices drove up inflation, data showed on Tuesday.

Consumer prices, harmonised to make them comparable with inflation data from other European Union countries (HICP), increased by 8.8% on the year, following an unexpected 8.5% rise in July, the federal statistics office said, reported Reuters.

German inflation rose by 8.7% in May, which had been the first time since the winter of 1973/1974 that inflation had been so high, according to the statistics office.

The annual HICP reading for August was in line with a Reuters poll of analysts who predicted a rise of 8.8%.

Energy prices in August were 35.6% higher compared with the same month the previous year, while food prices had increased 16.6% year on year, said the statistics office.

August's rise includes measures meant to stifle inflation, including cheaper public transit tickets and a fuel tax cut.



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