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In Germany, inflation breaks records and reaches 7.9% in May

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Inflation in Germany again reached a record in May, at 7.9% over one year. A new rise that is fueled by the war in Ukraine, which is increasing energy and food prices and disrupting global supply chains, according to provisional figures published on Monday (30 May).

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The indicator gained 0.5 points compared to April and thus rose to its highest level since the reunification of the country in 1990. To find such a high inflation figure, you have to go back to January 1952, to the era of the Federal Republic of Germany. The harmonized price index, which serves as a benchmark at European level, rose by 8.7% over one year, smashing the European Central Bank’s medium-term target of 2%.

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Stabilization in the United States

Estimates of price increases across the Rhine point to a rebound in inflation in Europe. On Monday, Spain also reported inflation surging to 8.7% year on year in May. A signal contradicting the slight decline observed in April (8.3%), despite the measures in favor of purchasing power put in place by the Spanish government. Between March 2021 and March 2022, price increases had reached a record high of 9.8%.

Inflation figures in the United States could, however, suggest that the pace of price increases was about to ease. Prices climbed 6.3% year on year in April, against 6.6% in March, a record in 40 years, according to the index published Friday, May 27 by the Commerce Department. In just one month, the decline is even more marked, at 0.2% in April against 0.9% the previous month. This is the lowest price increase since November 2020.

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Within the euro zone, inflation over twelve months stood at 7.5% in April, a stable rate compared to March (+0.1 point). INSEE will unveil on Tuesday, May 31 the first estimates of inflation in France over one year for the month of May. In April, inflation had reached 4.8%.

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