Germany records its highest annual inflation in 70 years

Germany has recorded its highest annual inflation in more than 70 years, according to preliminary data released Tuesday by the Federal Statistical Office.

Rising energy and food prices due to Russia’s war in Ukraine pushed inflation out of 7.9% for all of 2022.

The last time annual inflation was close to that level was in 1951, when it stood at 7.6% when the postwar economic boom began. Annual inflation in 2021 was located at 3.1%

Preliminary data showed that inflation slowed somewhat in December, 8.6% compared to the same month last year, when the government provided a one-time payment to help consumers pay their heating and gas bills.

In October, monthly inflation reached a record of 10.4% before descending to 10% in November.

Rising prices reduce the purchasing power of consumers. Many German unions have achieved above-average wage increases in recent months to offset the impact of inflation.

Meanwhile, unemployment figures in Europe’s largest economy rose slightly in December to 2.45 millioneither 5.4% This was about 0.1 percentage point higher than in November, although such a rise is not unusual at the end of the year as many temporary contracts expire.

The median unemployment figure for the full year for 2022 stood at 2.42 million, almost 200,000 less than in 2021.

Read Also:  Oldest Wine in the World Found in Roman Tomb

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here