Germany recorded its highest annual inflation in more than 70 years, according to preliminary data released Tuesday by the country's Federal Statistical Office (Destatis).
Inflation in Germany last year rose to its highest level, with an average increase of 7.9 percent in consumer prices, compared to 3.1 percent in 2021.
"The historically high annual inflation rate was driven above all by the extreme price increases for energy products and groceries since the start of the war in Ukraine," Ruth Brand, the president of Destatis said.
Destatis indicated that the rise in inflation in Germany slowed down at a high-level last December, as consumer prices increased by 8.6 percent on an annual basis, and consumers were forced to pay 24.4 percent more for energy, and food prices increased by 20.7 percent.
Last November, the annual inflation rate reached 10 percent, while last October it reached a record level of 10.4 percent, and consumer prices fell from November to December 2022 by 0.8 percent.
Germany is trying to ease the burden on businesses and consumers with billions of euros in aid. This year, measures will be introduced aimed at curbing electricity and gas prices, to limit the consequences of increased costs for homes and businesses.
Speaking to die Welt, on the sidelines of the World Economic Forum in Davos, German Economy Minister Robert Habeck said he was hoping for the rate to dip to around 5 percent by the end of 2023, warning however, that the year's overall figure would most likely be higher.
