Germany's inflation hits new record for 3rd consecutive month

ISTANBUL

Germany’s annual inflation rate climbed to a new record of 7.9% in May, up from 7.4% in April, according to provisional data published on Monday.

The country’s inflation rate has now hit all-time highs for three consecutive months – a first since German reunification in 1990.

Energy prices continue to play a dominant role in the spiraling crisis, rising 38.3% on annual basis in May, German statistical agency Destatis reported.

Food prices also “increased above average” with a jump of 11.1%.

“An inflation rate similar to that of May 2022 was last recorded in Germany in winter 1973/1974 when mineral oil prices had sharply increased, too, as a consequence of the first oil crisis,” read a Destatis statement.​​​​​​​