Inflation in Germany has reached a historic high

According to the final estimate of the German Federal Statistical Office, inflation in the country accelerated to 7.9% in annual terms in May from 7.4% a month earlier. Thus, inflation has become a record in the entire history of Destatis observations. The indicator coincided with analysts' expectations and preliminary assessment.

On a monthly basis in May, prices in Germany rose by 0.9%, while analysts had forecast an increase of only 0.5%. In April, prices rose by 0.8%.

At the same time, consumer prices according to EU standards (harmonized consumer price index), according to the final estimate, accelerated to 8.7% in annual terms in May from 7.8% a month earlier. On a monthly basis, prices rose by 1.1% after 0.7% a month earlier. The indicators also coincided with the preliminary assessment and forecast of analysts.

The day before, German Finance Minister Christian Lindner said that the government had little room for maneuver to introduce new measures to support the population in the face of record inflation. Moreover, the authorities fear that the country will face a «difficult winter and autumn» due to high energy prices.