Skyrocketing Inflation , in Germany Reaches , Highest Point Since 1951.
According to data published on January 3, inflation in Germany has reached its highest point in over seven decades.
Fox News reports that Germany's Federal Statistical Office showed prices for energy and food jumped 7.9% in 2022.
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In 1951, annual inflation in Germany was at 7.6%.
In October of 2022, Germany saw inflation skyrocket 10.4%, followed by another 10% increase in November.
In December, the German government began sending out payments to help with household energy bills, and inflation eased slightly to 8.6%.
However, in December, energy prices were 24.4% higher compared to the same month in 2021.
Food prices over the same period had climbed 20.7%, according to data provided by the statistical office.
Meanwhile, 2022 saw Germany's unemployment edge lower to reach 2.42 million.
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In response to rising inflation, unions have demanded pay increases to offset the skyrocketing costs of consumer goods.
Fox News reports that Russia's war in Ukraine has not only impacted gas supply lines in Europe, but also dramatically affected food prices.
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Fox News reports that Russia's war in Ukraine has not only impacted gas supply lines in Europe, but also dramatically affected food prices.
