German inflation rate hits highest level since early 1970s

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BERLIN (AP) — Germany's annual inflation rate accelerated to 7.9% in May, its highest level in nearly half a century, according to an official estimate Monday. The Federal Statistical Office said year-on-year inflation jumped from 7.4% in April, with energy prices 38.3% higher than in May last year and food prices up 11.1%. Germany has Europe's biggest economy. It is the highest inflation rate since the winter of 1973-1974, when an oil crisis also fueled higher prices. Inflation in Germany stood