Inflation in Germany hits a new record, following touching 7.9% in May, and the head of the Federal Statistical Center, Georg Thiel, explains that “it is the situation around Ukraine that has a major impact on inflation.”
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Inflation sets new record in Germany
Inflation in Germany accelerated to 7.9% in May from 7.4% in the previous month, surpassing record for the third time respectively, according to the data of the Federal Statistical Center.
“Inflation in Germany has reached a maximum for the third month in a row, and the main reason for the rise in inflation is the continued rise in energy prices,” said George Thiel, head of the Federal Statistical Center, in a statement today, Tuesday, noting also to an increase in the prices of many other commodities.
He added that “the last time such a high level of inflation was recorded was in the winter of 1973-1974, when oil prices rose sharply as a result of the oil crisis.”
“The situation around Ukraine has caused an increase in energy prices in particular, and this has a significant impact on inflation,” the German official said.
He pointed out that natural gas prices increased by 55.2% compared to May 2021, and fuel prices by 41%.