At a high of 40 years, at 7.4% in AprilInflation “climbed” in Germany according to the forecasts of the German statistical service Destatis. Inflation rose to 7.4% in April from 7.3% in March, according to the Federal Statistical Office.
Based on the results available so far, consumer prices are expected to increase by 0.8% in April 2022 compared to March 2022. Consumer prices in Germany have grown at the fastest rate in the last four decades, according to data were published on Thursday, as the Russian invasion of Ukraine significantly increased energy costs.
“Energy prices, in particular, have risen significantly since the start of the war in Ukraine,” with a negative impact on inflation, Destatis said.
The last time prices rose at a similar rate was in the autumn of 1981 in West Germany, with the Iran-Iraq war trigger a sharp rise in oil prices.
Germany, like many of its European neighbors, relies heavily on Russian gas supplies to meet its energy needs. The war in Ukraine has pushed up prices, and the Russian threat to cut supplies could push inflation higher if it does.
German inflation probably will ‘accelerate further in the coming months, “said Carsten Brzeski, head of macroeconomics at ING Bank, as the war in Ukraine raged.
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