Inflation in Germany accelerated to 7.9% in August
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Inflation in Germany accelerated in August and tentatively amounted to 7.9% compared to last year, should from data from the German Federal Statistical Office (Destatis).
In July, inflation in Germany amounted to 7.5% against 7.6% in June. However, inflation reached 7.9% in May. A similar inflation rate was observed in Germany in the winter of 1973-1974. because of the oil crisis.
Consumer prices, according to harmonized EU standards, rose in August by 8.8% in annual terms and by 0.4% compared to the previous month.
In particular, energy prices rose significantly after the start of the special operation in Ukraine. They had a significant impact on the high rate of inflation. “In August 2022, energy prices were 35.6% higher than in August 2021. Food prices also rose above average (+16.6%),” the report says.
In addition, the impact on prices of interrupted supply chains due to the COVID-19 pandemic should also be added to all this, the department noted. The most accurate data on inflation will be published on 13 September.
On August 19, it became known that producer prices (PPI index) in Germany in July grew up by 37.3% compared to the same period last year. This was the highest figure since the beginning of calculations in 1949.
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