Germany's average inflation rate hits record high in 2022

Inflation in Germany marked an all-time record annual average rate of 7.9% for 2022, official figures showed on Tuesday, News.Az reports citing Daily Sabah. 

The country's annual inflation rate was at 8.6% in the last month of that year, easing from 10% in November, Destatis reported.

In 2021, the annual average rate was at 3.1%.

"The historically high year-over-year inflation rate was mainly driven by the extreme price rises for energy products and food since war started in Ukraine," said Ruth Brand, the head of the statistical institute.

Destatis said the prices of goods were up last year by 13.5% from 2021, while non-durable consumer goods rose 18% and durable consumer goods 5.3%.

"A major reason for the decline was the December immediate assistance, a measure from the third relief package of the Federal Government," it added.


You Might Also Like