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German inflation hits fresh 13-yr high in August

FILE PHOTO: Full shelves with fruits are pictured in a supermarket during the spread of the coronavirus disease (COVID-19) in Berlin, Germany, March 17, 2020. REUTERS/Fabrizio Bensch/File Photo GLOBAL BUSINESS WEEK AHEAD

BERLIN (Reuters) – Germany’s annual consumer price inflation accelerated to hit a fresh 13-year high in August, data showed on Monday, underlining growing price pressures as Europe’s largest economy recovers from the pandemic and companies struggle with supply shortages.

Consumer prices, harmonised to make them comparable with inflation data from other European Union countries, rose by 3.4% compared with 3.1% in July, the Federal Statistics Office said. This was in line with a Reuters poll.

The August reading was the highest since July 2008, when the harmonised inflation rate also hit 3.4%.

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