German's inflation rate rose to 7.3 per cent in March on an annual basis, hitting a fresh 40-year high, according to official figures issued on Wednesday.
The national consumer price index (CPI) in Germany climbed up from 5.1 per cent in February, Xinhua news agency reported, citing the preliminary figures published by the Federal Statistical Office (Destatis).
"The last time the inflation rate in Germany was at a similar level was in the autumn of 1981, when mineral oil prices also rose sharply as a result of the effects of the first Gulf War," Destatis said.
In addition to the Covid-19 pandemic-related supply bottlenecks, rising energy prices also had a "considerable impact on the high rate of inflation."
According to Destatis, consumer prices for household energy and motor fuels were up 39.5 per cent year-on-year.
The German Council of Economic Experts (GCEE) on Wednesday raised its forecast for the 2022 inflation rate from 2.4 per cent to 6.1 per cent.
--IANS
int/shs
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU