Inflation in Germany reaches highest point in over seven decades
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Inflation in Germany is at its highest point in over seven decades, according to new data published by the Federal Statistical Office on Tuesday.
Prices for energy and food skyrocketed to 7.9% for 2022 following the Russian invasion of Ukraine in February. Previously, annual inflation last year was at 3.1%, while in 1951, it stood at 7.6%, according to the Associated Press.
The highest month of inflation occurred in October, with a rise of 10.4%, followed by 10% in November. However, the data indicates that in December, inflation did start to ease at 8.6% after the German government began sending out payments for household energy bills.
In December alone, energy prices alone were 24.4% compared to the same month last year, and food prices had increased by 20.7%, the statistical office reported.
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Energy and food pricesin Germany have reached the highest point in seven decades. (Reuters/Hannibal Hanschke / Reuters)
Recently, as inflation continues to grow in Germany, unions have demanded pay increases to offset the steady rise of consumer goods. Moreover, unemployment slightly increased for the last month of the year by 5.4%.
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Over the course of the year, unemployment in Germany stood at 2.42 million, which is lower than the same period the year prior.
The war in Ukraine has not only affected gas supply lines into Europe but drastically disrupted food prices, as Ukraine is one of the world's top exporters of wheat.