Germany's inflation jumps to 7.9% in August

Figures above market forecast of 7.8%.

Germany's inflation jumps to 7.9% in August

Germany's inflation rate accelerated to 7.9% in August up from July's 7.5%, after it dipped in the previous two months, according to official figures released Tuesday.

The figure is above market forecast of 7.8%.

"Energy prices, in particular, have increased considerably since the war started in Ukraine and have had a substantial impact on the high inflation rate," said Destatis, the country's statistical office.

Energy prices were 35.6% higher in August versus the same month last year. Food prices also rose above average (+16.6%).

"Marked price increases at the upstream stages in the economic process have an upward effect on prices. Another factor with an upward effect on prices is interruptions in supply chains caused by the COVID-19 pandemic," it added.

Hüseyin Demir

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