Philharmonie, Concert hall in Berlin, Germany

Berlin, May 31 Inflation in Germany hit 7.9 per cent in May, the highest level since the first oil crisis in 1973/74, according to preliminary figures published by the country's Federal Statistical Office (Destatis).Amidst wheat shortages and fears of a global food crisis, food prices increased by 11.1 per cent, while energy prices soared by 38.3 year-on-year, Xinhua news agency quoted Destatis as saying.The spike in energy prices has been caused by the Russia-Ukraine war, and has had a "considerable impact on the high inflation rate", the Office said.Meanwhile, supply chain interruptions caused by the Covid-19 pandemic have also pushed up inflation.Germany's import prices in April were up 31.7 per cent year-on-year, according to Destatis. With a plus of more than 300 per cent, natural gas had the biggest influence on energy prices, followed by crude oil with prices up 77.5 per cent year-on-year.In order to cushion rising energy prices, fuel tax in Germany will be temporarily lowered, and citizens will receive a one-off energy allowance of 300 euros ($323).To support the switch from cars to buses and trains, a cheap public transport ticket will also be made available during the summer, for just 9 euros per month.The German government expects an annual inflation rate of 6.1 per cent for 2022, a "figure otherwise seen only in exceptional cases, such as during the oil crisis".However, it said inflation is set to drop again next year.Consumer sentiment in Germany remains at an all-time low, according to market research institute GfK.Despite further easing of Covid-19 restrictions, the Russia-Ukraine war and high inflation are "weighing heavily on consumer sentiment", it added.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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