Germany inflation, UK CPI at highest in 30 years

Frankfurt, Germany, Jan 19 (EFE).- Inflation rates in Germany are at their highest in three decades, while the consumer price index (CPI) in the United Kingdom stood at 5.4% in December, also at its highest level in 30 years.

Germany has not recorded inflation rates as high as 3.1% since 1993.

The country’s average year-on-year inflation rates, published on Wednesday, are also far above the 0.5 percent in 2020, mainly due to price increases in the second half of the year.

“Alongside the temporary base effects of the past, those resulting from the crisis, such as supply problems and the significant price increase in the early stages of the economic process, are increasingly playing a role. These are partly reflected in the inflation rate,” the head of the German statistics office (Destatis), Georg Thiel, said.

In the UK, the sharp rise in CPI was attributed to higher prices for products manufactured in British facilities, energy prices, as well as higher food prices.

Inflation is well above the Bank of England’s target of 2%.

Experts who have linked the continued rise in CPI to surging global energy prices, anticipate that inflation may continue its upward trend and could even reach 6 % by the spring.

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