Ruhr-universitat bochum, Public university in Bochum, 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

Ruhr-Universitat BochumFOLLOW

Ruhr-universitat bochum, Latest News

The need to take a fresh look at our homes and the different spaces within them, has gained great importance. After spending two years within the confines of their homes, people are realizing that living spaces need to be more flexible, more comforta ...

Nagpur, June 9 Dr Amit Samarth, well-known endurance athlete of Nagpur city and director of Miles N Milers Endurance ... ...

Islamabad, June 7 German Foreign Minister Annalena Baerbock will embark on a visit to Islamabad on Tuesday and ... ...

Hyderabad, June 7 Telugu actor Mahesh Babu, who was last seen in 'Sarkaru Vaari Paata', will be joining ... ...

Hyderabad, June 6 Mahesh Babu, who is riding high on the success of his film 'Sarkaru Vaari Paata', ... ...

Filmmaker Vivek Ranjan Agnihotri, who is currently in Europe on a humanity tour, on Tuesday accused the Oxford Union of "Hinduphobia" and threatened to file a lawsuit against them for cancelling his event. ...

Manchester City chairman Khaldoon Al Mubarak believes the signing of Erling Haaland is evidence of Blue's strength on and off the pitch. ...

Berlin, May 31 Inflation in Germany hit 7.9 per cent in May, the highest level since the first ... ...