Inflation in Germany hits 13-year high

According to preliminary data from Germany's Federal Statistical Office, consumer prices in the country peaked for 13 years as Europe's largest economy recovers from the pandemic. At the same time, companies in the country are struggling with a supply deficit.

Inflation rose to 3.4% year-on-year, hitting the highest since July 2008. On a monthly basis, prices rose 0.1%, as analysts expected.

Experts note that the growth of the indicator is primarily due to higher prices for energy and food, while core inflation even slightly decreased (from 2.9% to 2.8%).

Provisional data on consumer prices in Germany does not include core inflation values.