German inflation hits new record high in April
By Michele Maatouk
Date: Wednesday 11 May 2022
(Sharecast News) - German inflation hit a new record high in April as food and energy prices rose, according to figures released on Wednesday by Destatis.
Annual inflation grew to 7.4% from 7.3% in March, with higher food prices contributing the most to the increase.
In March, the biggest contributor had been energy prices. "What stands out in April 2022 is the above-average increases in food prices," Destatis said. "This is where the impact of the war in Ukraine is becoming more and more visible."
Food prices increased by 8.6%% on the year, up from a 6.2% jump in March. Prices for edible fats and oils rose by 27.3%, meat and meat products by 11.8%, dairy products and eggs by 9.4%% and fresh vegetables by 9.3%.
Energy product prices were up 35.3% versus the same month a year earlier, following a 39.5% increase in March.
"Energy prices, in particular, have increased considerably since the war started in Ukraine and have had a substantial impact on the inflation rate," Destatis said.
"A similarly high inflation rate was last recorded in the former territory of the Federal Republic in autumn 1981 when mineral oil prices had sharply increased, too, as a consequence of the first Gulf war between Iraq and Iran.
"Additional factors are delivery bottlenecks due to interruptions in supply chains caused by the Covid-19 pandemic and the marked price increases at upstream stages in the economic process. Price increases accelerated for consumers not only regarding energy products but also other product groups such as food as a consequence of the situation of war and crisis."
Special promo:
Trading the Forex Market? Visit FXmania.com to get advanced infomation about currencies and the Foreign Exchange
Market.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN