Annual inflation in Germany accelerated to 7.9% in May, final estimates from the country’s Federal Statistical Office (Destatis) show. In May alone, consumer prices rose by 0.9%, after jumping 0.8% in April.
According to the agency’s press release on Tuesday, it’s the largest inflationary spike to hit Europe’s largest economy in almost half a century.
“Inflation in united Germany shows a maximum for the third month in a row. The main reason for high inflation is still rising energy prices. We are also seeing an increase in prices for many other goods, especially food… The last time such a high level of inflation was observed was in the winter of 1973-1974, when oil prices rose sharply as a result of the oil crisis,” Destatis President Georg Thiel was quoted as saying.