6/14, 8:05 AM (Source: TeleTrader)
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German inflation confirmed at 7.9% in May

Germany's Consumer Price Index (CPI) stood at 7.9% on a yearly basis in May, according to the latest report published by the Federal Statistical Office (Destatis) on Tuesday, confirming the preliminary report. The figure was higher than the April inflation, which stood at 7.4%. Compared to the previous month, inflation rose by 0.9%.

The harmonized index of consumer prices increased by 8.7% in May year-on-year, while it grew 1.1% compared to April.

According to the President of Destatis Dr. Georg Thiel, the main reason for the rising inflation, which reached an all-time high for the third month in a row since German Unification, is the price increase for energy products, as well as delivery bottlenecks due to interruptions in supply chains caused by COVID-19 pandemic and soaring prices of food products.

Baha Breaking News (BBN) / TB