Germany's annual inflation rate accelerated to 7.9% in May, the highest in nearly half a century, AP reported.

The Federal Statistical Office said annual inflation jumped to 7.4% in April, with energy prices up 38.3% from May last year and food prices up 11.1%.

This is the highest rate of inflation since the winter of 1973-1974, when the oil crisis also pushed up prices. Inflation in Germany already hit a high of 5.1% in February and jumped above 7% in March after the war in Ukraine.

On a monthly basis, prices rose 0.9% in May, the statistical office said.

In a separate report, the agency said earnings in Germany fell 1.8% in real terms in the first quarter of this year from a year earlier as a result of inflation that more than offset a 4% nominal increase.

In comments shortly before the release of the latest inflation data, Finance Minister Christian Lindner said that fighting inflation should be a top priority.