Germany Inflation


Inflation falls to lowest level in over two years

In January, consumer prices fell 0.5% over the previous month, according to a preliminary flash estimate released by the Federal Statistics Office (Destatis) on 31 January. The reading contrasted the 0.9% increase observed in December and exceeded market expectations of a 0.4% fall.

As a result of the monthly drop, annual headline inflation fell from 2.1% in December to 1.7% in January, which undershot expectations of 2.0% and marked the lowest level since December 2010. Annual average inflation stood at 2.0% in January (December: 2.0% year-on-year).

Annual HICP inflation (based on the harmonized index of consumer prices) followed suit and fell from 2.0% in December to 1.9% in January. That said, annual average HICP remained unchanged at December's 2.1%

The Bundesbank expects inflation to fall to 1.5% in 2013, before inching up to 1.6% in 2014

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Germany Inflation Chart

Germany Inflation January 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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