German Inflation Hits Record-High for Second Straight Month

Source: Destatis

German inflation continued to accelerate in April as energy prices surged, carving a fresh record high for the second straight month. EWG is up 0.32% premarket, while DAX is up 1.79%.

• Consumer prices posted an annual increase of 7.4%, marking another all-time high after March. Monthly inflation stood at 0.8%.
• Energy prices climbed by 35.5%, following the 39.5% jump recorded in the previous month. 
• Prices of heating oil jumped by 98.6%, motor fuels by 38.5%, and natural gas by 47.5%, all above the overall inflation rate for the month.
• The surge in energy prices was attributed to several factors, including the ongoing conflict between Russia and Ukraine, along with the crisis-related developments.
• Prices of food and non-alcoholic beverages grew by 8.0%, while prices of alcoholic beverages and tobacco jumped by 3.3%.
• Health prices increased by 0.8%, transport by 15.6%, recreation and culture by 6.1%, education by 1.5%, and miscellaneous goods and services by 2.3%.
• Restaurant and accommodation services prices declined by 6.5%, and package holidays by 14.4%.