GERMANY, Wiesbaden. Falling energy prices in the Corona crisis pushed inflation in Germany in May to its lowest level in over three and a half years.
The annual inflation rate was 0.6%, according to the Federal Statistical Office in Wiesbaden. The authority thus confirmed an initial estimate. The rate weakened for the third month in a row. It was the lowest value since September 2016.
Energy prices fell by 8.5% in May. The price of crude oil has been under pressure for months. As the economy came to a virtual standstill in many countries during the corona pandemic, demand fell and the trend intensified. Heating oil became 30.5% cheaper compared to the same month last year, fuels 20.7% cheaper.
However, food prices rose by 4.5%, which is above average compared to May 2019, with meat, meat products and sausages even 9.2% more expensive. Prices also rose by 2.4% when visiting restaurants, cafés and street vendors.
Source: lebensmittelzeitung.net, afz - allgemeine fleischer zeitung 25/2020 / dfv Mediengruppe