Economy

Germany's inflation hit 30-year high in December

Annual inflation reached 5.3% last month, official data shows

Gökhan Ergöçün   | 19.01.2022
Germany's inflation hit 30-year high in December File Photo

ISTANBUL

Germany's annual inflation reached 5.3% in December, hitting a 30-year high, according to official figures released on Wednesday.

The country's statistical department Destatis said the monthly inflation was 0.5% last month.

The high annual inflation stemmed from high monthly inflation rates in the second half of 2021 and the base effects caused by the low prices in 2020, it added.

The prices of energy products soared 10.4% in 2021 on a yearly basis, while they dropped 4.8% in 2020, it noted.

"Consumers had to pay markedly more in 2021 for heating oil (+41.8%) and motor fuels (+22.6%)," Destatis said.

Meanwhile, food prices also fueled the inflation rate by rising 3.2% in 2021 versus 2020, according to the statistical department.

"The prices of goods (total) were up 4.3% on an annual average in 2021 on 2020," it said.

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