Germany Inflation


Inflation continues downward trend

In February, consumer prices jumped 0.6% over the previous month, according to a preliminary flash estimate released by the Federal Statistics Office (Destatis) on 28 February. The print contrasted the 0.5% drop observed in January.

Despite the monthly jump, annual headline inflation fell from 1.7% in January to 1.5% in February, which marks the lowest level since December 2010. In addition, the reading exceeded market expectations that had inflation slowing to 1.6%. Annual average inflation fell to 1.9% in February (January: 2.0% year-on-year).

Annual HICP inflation (based on the harmonized index of consumer prices) followed suit and declined from 1.9% in January to 1.8% in February, the lowest level since November 2010.

The Bundesbank expects inflation to fall to 1.5% in 2013, before inching up to 1.6% in 2014. Consensus Forecast panellists expect inflation to average 1.8% in 2013, which is unchanged from the previous month's forecast. For 2014, panellists expect inflation to increase to 1.9%.

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Germany Inflation Chart

Germany Inflation February 2013

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: Federal Statistics Office and FocusEconomics calculations.

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