Germany’s consumer price inflation hit its highest level since the reunification, final data from Destatis showed on Tuesday.
The consumer price index rose 7.3 percent year-on-year, after a 5.1 percent increase in February. This was the biggest rate since German reunification and also matched the preliminary estimate published on March 30.
Destatis said high inflation rates in the former territory of the Federal Republic were last recorded in autumn 1981 when mineral oil prices had markedly increased as a result of the first Gulf war between Iraq and Iran.
Data showed that goods prices were up 12.3 percent due to the 39.5 percent increase in energy product prices. At the same time, food prices moved up 6.2 percent. Prices of services increased 2.8 percent.
Excluding energy and food prices, inflation was only 3.4 percent.
Compared to the previous month, the CPI grew 2.5 percent in March, as initially estimated, following a 0.9 percent rise in February.
Annual inflation based on the harmonized index of consumer prices, or HICP, also climbed to a record 7.6 percent from 5.5 percent in the previous month.
The monthly increase in the EU measure of inflation accelerated to 2.5 percent from 0.9 percent in February. Both monthly and annual rates matched initial estimates.
Another report from Destatis showed that wholesale prices increased the most since 1962 due to higher raw materials and intermediate product prices. Wholesale price inflation advanced to 22.6 percent in March from 16.6 percent in February.
On a monthly basis, wholesale prices gained 6.9 percent, which was also the strongest since the beginning of the calculation in 1962.