In Germany, inflation reached an all-time high in May, rising to 8.7% y-o-y due to increases in energy and food prices

June 1, 2022

In Germany, consumer price index, May 2022:
+7.9% on the same month a year earlier (provisional)
+0.9% on the previous month (provisional)

Harmonised index of consumer prices, May 2022:
+8.7% on the same month a year earlier (provisional)
+1.1% on the previous month (provisional)

The inflation rate in Germany is expected to be +7.9% in May 2022. The inflation rate is measured as the change in the consumer price index (CPI) compared with the same month a year earlier. In April 2022, the inflation rate had been +7.4%. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that consumer prices are expected to increase by 0.9% on April 2022.

Energy prices, in particular, have increased considerably since the war started in Ukraine and have had a considerable impact on the high inflation rate. Prices of energy rose by 38.3% in May 2022 year on year. Food prices, too, increased above average (+11.1%). Marked price increases at the upstream stages in the economic process have an upward effect on prices. Another factor with an upward effect on prices is interruptions in supply chains caused by the Covid-19 pandemic. An inflation rate similar to that of May 2022 was last recorded in Germany in winter 1973/1974 when mineral oil prices had sharply increased, too, as a consequence of the first oil crisis.

Source: The Federal Statistical Office of Germany (DESTATIS)
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