German inflation rate hits highest level since early 1970s

BERLIN (AP) — Germany’s annual inflation rate accelerated to 7.9% in May, its highest level in nearly half a century, according to an official estimate. The Federal Statistical Office said Monday that year-on-year inflation jumped from 7.4% in April, with energy prices 38.3% higher than in May last year and food prices up 11.1%. It is the highest inflation rate since the winter of 1973-1974, when an oil crisis also fueled higher prices. Inflation in Germany stood at 5.1% in February and leapt above the 7% mark in March following Russia’s invasion of Ukraine. In month-on-month terms, the statistics office said prices were up 0.9% in May.