Germany Inflation


Inflation falls to lowest level in over three years

In March, consumer prices rose 0.3% over the previous month according to preliminary estimates released by the Federal Statistics Office (Destatis). The increase came in below the 0.5% rise observed in February and fell short of the 0.4% increase the market had expected. Annual headline inflation eased for the third consecutive month, falling from 1.2% in February to 1.0% in March, which undershot the 1.1% rate the market had expected and marked the lowest level since August 2010. In March, annual average inflation inched down from February's 1.5% to 1.4%. Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) fell from 1.0% in February to 0.9% in March; the result was on par with market expectations. Annual average HICP inflation also inched down, declining from February's 1.5% to 1.4% in March. The German Central Bank expects inflation to average 1.3% in 2014 before increasing to 1.5% in 2015. FocusEconomics panelists expect inflation to average 1.4% in 2014, which is down 0.1 percentage points from the previous month's forecast. For 2015, panelists expect inflation to increase to 1.9%.

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Germany Inflation Chart

Germany Inflation March 2014

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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