The German statistics office Destatis has reported another jump in inflation in May as food and energy prices continue to climb. Annual inflation in Europe’s top economy has reached 7.9%, the highest level since the 1973 oil crisis.
The surge comes amid the conflict in Ukraine and the unprecedented sanctions imposed on Russia. Soaring energy prices have had a considerable impact on inflation since late February, when Russia’s military operation in Ukraine began, Destatis said on Monday.
“Another factor with an upward effect on prices is interruptions in supply chains caused by the Covid-19 pandemic,” the agency said.
Energy prices reportedly rose 38.3% in May year-on-year, while food prices posted an 11.1% leap.
Consumer prices in May increased 0.9% by national standards and 1.1% by EU-harmonized standards, according to the data. Destatis is expected to publish its final results for the month on June 14.
For more stories on economy & finance visit RT’s business section
© 2022, paradox. All rights reserved.
The man who critically injured Slovak Prime Minister Robert Fico on Wednesday was a fierce…
The Asia-Pacific region should be free of military blocs because of their potential to undermine…
Russian President Vladimir Putin was welcomed with an honor guard after his plane touched down…
Russian President Vladimir Putin has set the stage for his state visit to China by…
С каждым днем онлайн-казино становятся все более популярными среди азартных игроков. И это вполне логично:…
Russian President Vladimir Putin has officially appointed Andrey Belousov as the new minister of defense.Belousov,…