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Germany’s highest inflation rate in over 70 years

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Germany posted its highest annual inflation rate in more than 70 years, according to data released by the Federal Statistical Office on Tuesday, amid an energy crisis fueled by sanctions against Russia.

Rising energy and food prices pushed the year-over-year inflation rate to 7.9 percent in 2022.

The last time annual inflation reached close to this level was in 1951, when it reached 7.6 percent, and the economic boom began after the war, and in 2021 annual inflation reached about 3.1 percent.

Preliminary data showed a relative slowdown in December, reaching 8.6 percent from the same month last year, as lump sum subsidies paid by the government to consumers helped pay for heating and gas bills.

Monthly inflation broke a record in October and reached 10.4 percent, and fell to 10 percent in November.

Several German unions have succeeded in their campaign to raise average wages in recent months to counter the effects of inflation.

At the same time, the unemployment rate in Europe’s largest economy rose in December to 2.45 million, or 5.4 percent, about 0.1 percent higher than in November, but such increases are common at the end of the year when the temporary contracts.

The average annual unemployment rate in 2022 remained at 2.42 million, about 200,000 less than in 2021.

Source: AB

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