Inflation in Germany, the euro zone's biggest economy, accelerated sharply in May, reaching its highest level in nearly two and a half years as a result of surging oil prices.
The German consumer price index (CPI) rose by 0.3% in May from the figure for April and was 2.1% higher than it had been in May 2003, the federal statistics office, Destatis, calculated.
Inflation over 12 months was therefore substantially higher than the 1.6% recorded in April and it was the highest 12-month figure in Germany since January 2002, the statisticians said. German inflation is now above the 2% ceiling set by the European Central Bank.
'The sharp acceleration in inflation was largely due to petrol prices, which have been rising for the past three months,' the statement said.
Preliminary pan-German CPI is calculated on the basis of consumer price statistics from six regional states - Baden-Wuerttemberg, Bavaria, Brandenburg, Hesse, North Rhine-Westphalia and Saxony. Final May CPI, calculated from inflation data for all 16 regional German states, would be published in mid-June.
