German inflation back at near-half-century record after dip

BERLIN (AP) — Germany’s annual inflation rate rose to 7.9% in August, returning to its highest level in nearly half a century after it dipped in the two previous months, according to official data. Inflation in Europe’s biggest economy first hit 7.9% in May — the highest rate since the winter of 1973-1974, when prices were fueled by an oil crisis — before slipping back to 7.5% by July. The preliminary figure, which the Federal Statistical Office reported Tuesday, is usually unchanged in a final report about two weeks later. As in other countries around the world, inflation in Germany has been stoked by Russia’s war in Ukraine, which has led to a rise in energy costs and food prices.