AIRLINK 58.83 Increased By ▲ 0.84 (1.45%)
BOP 6.20 Decreased By ▼ -0.02 (-0.32%)
CNERGY 4.02 Decreased By ▼ -0.03 (-0.74%)
DFML 15.85 Increased By ▲ 0.15 (0.96%)
DGKC 68.82 Increased By ▲ 0.27 (0.39%)
FCCL 17.70 Decreased By ▼ -0.05 (-0.28%)
FFBL 25.87 Increased By ▲ 0.12 (0.47%)
FFL 9.24 Decreased By ▼ -0.07 (-0.75%)
GGL 10.03 Increased By ▲ 0.29 (2.98%)
HBL 111.80 No Change ▼ 0.00 (0%)
HUBC 115.65 Increased By ▲ 0.85 (0.74%)
HUMNL 6.53 Increased By ▲ 0.09 (1.4%)
KEL 4.23 Decreased By ▼ -0.07 (-1.63%)
KOSM 3.70 Increased By ▲ 0.12 (3.35%)
MLCF 37.40 No Change ▼ 0.00 (0%)
OGDC 117.39 Increased By ▲ 0.19 (0.16%)
PAEL 22.80 Decreased By ▼ -0.10 (-0.44%)
PIAA 11.15 Decreased By ▼ -0.20 (-1.76%)
PIBTL 6.04 Increased By ▲ 0.37 (6.53%)
PPL 104.53 Decreased By ▼ -0.72 (-0.68%)
PRL 26.60 Increased By ▲ 0.05 (0.19%)
PTC 9.68 Increased By ▲ 0.08 (0.83%)
SEARL 51.90 Decreased By ▼ -1.44 (-2.7%)
SNGP 65.20 Increased By ▲ 0.21 (0.32%)
SSGC 11.05 Increased By ▲ 0.11 (1.01%)
TELE 7.28 Increased By ▲ 0.12 (1.68%)
TPLP 12.10 Increased By ▲ 0.23 (1.94%)
TRG 75.99 Increased By ▲ 3.28 (4.51%)
UNITY 20.60 Decreased By ▼ -0.13 (-0.63%)
WTL 1.30 Decreased By ▼ -0.01 (-0.76%)
BR100 6,311 Increased By 25.1 (0.4%)
BR30 21,641 Increased By 55 (0.25%)
KSE100 61,802 Increased By 242.4 (0.39%)
KSE30 20,792 Increased By 73.8 (0.36%)

FRANKFURT: Inflation in Germany surged in March to a record high since reunification in 1990, official figures published Wednesday showed, as the war in Ukraine sent energy prices soaring.

Consumer prices rose by 7.3 percent annually, according to the federal statistics agency Destatis, up from 5.1 percent in February.

Russia’s invasion of its neighbour had sent prices for oil and gas soaring and had a “considerable impact on the high rate of inflation”, Destatis said in a statement.

The last time such a high rate was recorded was in the autumn of 1981 in West Germany, when oil prices increased “sharply” as a consequence of the Iran-Iraq war, the agency said.

Delivery bottlenecks, aggravated by disruptions to suppliers in Ukraine and Russia, also contributed to the inflation push.

Like many of its neighbours in Europe, Germany is highly reliant on supplies of Russian oil and gas to power its industry and heat its homes.

Germany has opposed calls for an EU embargo on Russian fossil fuels, but fears that deliveries could be curtailed have pushed the prices for the commodities to new highs.

Energy prices push Spanish inflation to 37-year high

The previous inflation peak for a reunited Germany came in early 1992, when prices rose year-on-year by 6.2 percent each month between March and May.

Broken down, the cost of household energy and motor fuels rose in March this year by 39.5 percent year-on-year, according to Destatis, while food prices increased 6.2 percent.

On the harmonised index of consumer prices, the European Central Bank’s preferred measure, inflation in Germany rose from 7.6 percent in March.

In the eurozone as a whole, inflation sat at 5.8 percent in February, an all-time high for the currency club and well above the European Central Bank’s two-percent target.

Comments

Comments are closed.