German inflation hits 7.9% in 2022, highest in over 70 years

BERLIN (AP) — Germany has recorded its highest annual inflation in more than 70 years. Preliminary data released Tuesday by the country’s Federal Statistical Office showed that surging energy and food prices due to Russia’s attack on Ukraine saw full-year inflation reach 7.9% in 2022. The last time annual inflation was near that level was in 1951, when it stood at 7.6% as the post-war economic boom began. Annual inflation in 2021 stood at 3.1%. The preliminary data showed inflation slowed somewhat in December, to 8.6% compared to the same month in the previous year, as one-off government payments to help consumers pay their heating and gas bills took effect. In October monthly inflation reached a record 10.4% before dipping to 10% in November.