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German inflation rises to record 8.7% as food and energy prices jump
By Martin Arnold
Financial Times, London
Monday, May 30, 2022
German inflation rose by more than expected to a new record of 8.7% in May, driven by soaring energy and food prices, increasing pressure on the European Central Bank to raise interest rates faster than planned.
The annual increase in the harmonised index of consumer prices in Germany was up from 7.8% in the previous month and higher than the 8% expected by economists, according to a Reuters poll.
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The federal statistical agency said the biggest drivers were a 38.3% rise in energy prices and an 11.1% jump in food prices -- both up sharply from the previous month. ...
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