German inflation hits 8.8% in August, highest in nearly 50 years

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Inflation in Germany hit its highest level in nearly 50 years in August, surpassing a previous high set just three months earlier, under the weight of energy prices, data showed on Tuesday.

Consumer prices, harmonized to make them comparable to inflation data from other European Union countries, rose 8.8% year-on-year, after an unexpected 8.5% increase in July, the federal statistics office said.

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Annual German inflation had risen 8.7% in May, the first time since the winter of 1973 to 1974 (in the Northern Hemisphere) that the rise in prices was so high, according to the statistics office.

The harmonized index’s annual reading for August was in line with expectations in a Reuters poll of analysts.

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Energy prices in August were 35.6% higher from the same month a year ago, while food costs rose 16.6%, the statistics office said.

The August result came despite measures aimed at curbing inflation, including cheaper public transport fares and a cut in fuel taxes.

Source: CNN Brasil

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