Germany’s annual inflation rate last month soared to its highest level in more than 70 years due to high energy and food prices.
Inflationary readings in October skyrocketed to a level not seen in Germany since December 1951, six years after the end of World War II, according to the latest data from Germany’s Federal Statistical Office (Destatis), on Nov. 11.
The Consumer Price Index rose 10.4 percent in October from 10 percent in September, confirming preliminary figures.
Core prices, excluding food and energy, rose 6.5 percent. “The main causes of high inflation continue to be enormous price increases for energy products, but prices are also increasing for many other goods and services,” said Georg Thiel, president of Destatis. “Rising food prices are now particularly noticeable for private households,” he said….