Figures from the Federal Statistical Office revealed that import prices rose 16.5% for Germany in August, compared to the same month last year. This is the highest figure since September 1981, when the world was rocked by the second oil shock.
The rise in costs is mainly due to energy, as gas and oil prices have skyrocketed in recent months.
Natural gas is currently 170.5% more expensive than in August 2020, according to German newspaper Wirtschafts Woche.
During the same period, the price of crude oil increased 63.6%.
Russia has been accused of restricting gas supplies to the west, in an attempt to obtain political concessions.
Without the increase in energy, German import prices rose by a more modest 9.8 percent.
The news contradicts the argument, made by some anti-Brexit activists, that the higher prices in the UK are due to Britain leaving the EU.
British inflation is expected to peak at over four percent this winter, according to the Bank of England.
There have been shortages of some commodities including fuel as a nationwide shortage of heavy truck drivers hits the country.
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He admitted: âThe last few days have been difficult.
âWe have seen big queues but I think the situation is stabilizing.
“We are putting gasoline in the forecourt and yesterday that was matched by sales.”
According to the Petrol Retailers Association (PRA), there are “early signs” that the pressure for fuel is starting to ease.
The rise in inflation in Germany comes as politicians attempt to form a new government, following federal elections earlier this month.
Olaf Scholz, leader of the Social Democrats who won the most seats, called for talks with the Green and Liberal parties.
Angela Merkel is stepping down after spending 16 years as German Chancellor.
Armin Laschet, his successor at the head of the Christian Democrats, has been the subject of strong criticism of his party’s performance.
While Britain voted to leave the EU in June 2016, this did not officially take place until January 2020.
In December 2020, Boris Johnson’s Brexit trade deal went into effect, restoring the UK’s position as an independent trading nation.
Additional reporting by Monika Pallenberg.