German inflation hits nearly 50-year high in August

STORY: German inflation rose to its highest level in almost 50 years in August data showed on Tuesday (August 30) - driven largely by energy price rises.

It beats a previous high set only three months earlier.

Germany’s federal statistics office said consumer prices in August increased 8.8% on the year.

Which followed an unexpected rise of 8.5% in July.

In May German inflation rose by 8.7% - the first time since the winter of 1973/1974 that it had been so high.

Energy prices in August were 35.6% higher compared to the same time last year, while food prices also rose sharply.

The rise includes measures meant to stifle inflation, including cheaper public transit tickets and a tax cut on fuel.