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German inflation rises more than expected in March

© Reuters. FILE PHOTO: People with shopping bags walk near a shopping center, amid the coronavirus disease (COVID-19) pandemic, in Berlin, Germany December 21, 2021. REUTERS/Annegret Hilse

BERLIN (Reuters) – German annual inflation rose more than expected in March as prices of natural gas and mineral oil products soared after Russia’s invasion of Ukraine, preliminary data showed on Wednesday.

Consumer prices, harmonised to make them comparable with inflation data from other European Union countries (HICP), rose 7.6% on the year after 5.5% in February, the Federal Statistics Office said.

The national consumer price index (CPI) rose 7.3% year on year after an inflation rate of 5.1% in February.

A similarly high inflation rate in Germany was last recorded in autumn 1981, when mineral oil prices had jumped as a consequence of the first Gulf war, the statistics office said.

Analysts polled by Reuters had expected the CPI rate to rise to 6.3% and the HICP figure to grow to 6.7%.

German inflation rises more than expected in March

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