Germany has its highest level of inflation in more than seven decades.

 Germany's yearly inflation rate for food and energy prices increased to 7.9%.

New information released by the Federal Statistical Office on Tuesday indicates that inflation in Germany is at its highest level in more than seven decades.

Following the Russian invasion of Ukraine in February, prices for food and energy soared to 7.9% for 2022. According to the Associated Press, yearly inflation last year was 3.1%, compared to 7.6% in 1951.

Inflation peaked in October with a rise of 10.4%, and again in November with a rise of 10%. The numbers do show that after the German government started paying household energy bills in December, inflation did start to decline to 8.6%.

According to the statistical office, the price of energy was up 24.4% in December compared to the same month last year, while the price of food was up 20.7%.

Germany's inflation has recently increased, and unions have recently called for salary hikes to counteract the rising cost of consumer goods. In addition, unemployment grew by 5.4% for the final month of the year.

China is the target of EU Foreign Subsidy Limits, but US Companies Are Also Hit

Germany's unemployment rate for the year was 2.42 million, which is less than it was during the same time last year.

Because Ukraine is one of the major exporters of wheat in the world, the war in that country has severely disrupted food prices in addition to gas supply lines into Europe.

OVER GAS AND OIL, DIESEL HITS RECORD PREMIUM