Inflation in Germany picked up its pace in May on the back of high energy and food prices, with government data released on May 30 showing that annual price growth climbed to its highest level in nearly 50 years.
Germany’s Federal Statistical Office stated that year-over-year inflation rose to 7.9 percent in May from 7.4 percent in April. It’s the fastest pace since the beginning of 1974, when an oil crisis drove prices higher.
