Inflation in Germany climbed to 7.9% in May, a record since 1973

MADRID, 14 Jun. (EUROPA PRESS) -

The consumer price index (CPI) for Germany stood at 7.9% in the month of May, which is the highest figure in the entire historical series, which began in 1991 after the reunification of the country, and the biggest rise in prices since the end of 1973 in the former West Germany, according to Destatis, the German statistical office.

"The inflation rate reached an all-time high for the third consecutive month since German reunification," said Georg Thiel, president of Destatis, who explained that the main reason for the high inflation continues to be the increase in the prices of energy products, although Increases are also seen for many other goods, especially food.

"A similarly high rate of inflation was last recorded in the former territory of the Federal Republic in the winter of 1973/1974, when oil prices rose sharply as a result of the first oil shock," Thiel added.

On its side, the harmonized rate, used by Eurostat, was 8.7%.

In his analysis, Destatis stresses that the increase in energy prices "observed already before the war in Ukraine" has accelerated markedly since the conflict began and has a substantial impact on the rate of inflation.

Specifically, the prices of energy products were 38.3% higher in May 2022 than in the same month of the previous year, after an increase of 35.3% in April.

Heating oil prices almost doubled (+94.8%) in May, while natural gas prices (+55.2%) and fuel prices (+41%) also rose sharply.

"The increase in prices of energy products was due to several factors: In addition to the effects of the war and the crisis, the increase in the CO2 rate from 25 to 30 euros per ton of CO2, which came into force at the beginning of year also had an impact," explained the German agency.

Other factors that affected price increases outside of energy were bottlenecks, due to disruptions in supply chains, also caused by the Covid-19 pandemic, and sharp price increases in the beginnings of the economic process.

In this way, price increases accelerated for consumers not only of energy products but also of other products, such as many food products again, as a result of the war and crisis situation.

In May, food prices increased by 11.1% year-on-year, after rising 8.6% in April. Price increases were recorded for all food groups.

Specifically, edible fats and oils became more expensive by 38.7%, while meat and meat products rose by 16.5%, dairy products and eggs by 13.1% and bread and cereals by 10%. .8%.

Excluding energy prices, Germany's inflation rate stood at 4.5% in May 2022, while excluding food as well, the core inflation rate was 3.8%.