German Inflation Highest in Nearly 50 Years Amid Soaring Energy Prices

The inflation rate in Germany has climbed to a new record of 7.9 percent in May, the highest figure in nearly half a century, according to an official estimate. A report published by German statistical agency Destatis on Monday said energy prices rose by 38.3 percent and food prices by 11.1 percent in May compared to the same period last year, causing the inflation to touch the levels seen during the 1973/1974 oil crisis. Soaring food and energy costs in the continent’s biggest economy have sent consumer prices up to 8.7 percent. Analysts surveyed by Bloomberg Agency predicted an 8.1…