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5/30, 2:01 PM (Source: TeleTrader)
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German inflation at 7.9% in May

German inflation is expected to reach 7.9% in May on a yearly basis, according to the latest preliminary report by Destatis on Monday, which noted a similar inflation rate was last seen in the winter of 1973/1974. Compared to April, the consumer price index (CPI) is estimated to have grown by 0.9%. The harmonized index of consumer prices was up 8.7% and 1.1% respectively.

Energy prices soared by 38.3% in May year on year, while food jumped 11.1%. The report also noted the impact of interruptions in supply chains caused by the COVID-19 pandemic.

Baha Breaking News (BBN) / DJ