“Consumer prices, harmonized to be comparable with inflation data from other European Union countries, have risen by 8.7% year-on-year,” the Federal Bureau of Statistics announced on Monday, News.ro reports.
The last time inflation was as high in Germany was in the winter of 1973/1974, when oil prices rose as a result of the first oil crisis.
Inflation, which surpassed the 8.0% rate predicted by analysts in a Reuters poll, marks the second month in a row of record highs, after the 7.8% rise in April prices was the highest in the last four decades.
According to the office, Energy prices rose 38.3% from the same month last year, while food prices rose 11.1% above average.
Holger Schmieding, chief economist at Berenberg Bank, said there is still ongoing inflationary pressure on goods affected by supply and food blockages before the situation eases in the autumn.
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