Germany reported a growth of 7.9% for its annual inflation rate in May 2022, accelerated from 7.4% in the previous month, the highest level since reunification in 1990.
The surge in May was the third straight month that Germany recorded higher inflation, mainly driven by faster rises in prices of energy and food. The rise of energy prices were mainly due to the impact of Russia’s invasion on Ukraine that caused energy products to increase sharply, especially heating oil, motor fuels and natural gas. Energy prices increased by 38.3% over the same period of last year, while the price of food increased by 11.1%.
The data was in line with the preliminary data released by the German statistical agency Destatis late last month.
Meanwhile, economists predicted that Europe as a whole will see an average rate of inflation of 6% in 2022.