Economic Buzz: German Inflation Climbs 2.2% On Year In May

German consumer prices climbed 2.2 percent year-on-year in May, faster than the 1.6 percent increase in April, final data from Destatis showed Thursday. The last time the inflation rate reached this level was in February 2017. EU harmonized inflation also accelerated to 2.2 percent in May from 1.4 percent in April. This was in line with preliminary estimate. The rise in the inflation rate was mainly due to energy prices. Excluding energy prices, the inflation rate in May was 1.8 percent. On a monthly basis, consumer prices advanced 0.5 percent in May versus nil growth in April.