Germany Inflation


Inflation moderates again in February

Consumer prices rose 0.5% over the previous month in February according to preliminary estimates released by the Federal Statistics Office (Destatis). The increase contrasted January's 0.6% decrease and fell short of the 0.6% rise the market had expected.

Annual headline inflation eased for the second consecutive month, inching down from 1.3% in January to 1.2% in February, which undershot market expectations that had inflation remaining at 1.3%. In February, annual average inflation remained unchanged at January's 1.5%.

Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) fell from 1.2% in January to 1.0% in February. Annual average HICP inflation remained stable at January's 1.5%.

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 1.6% in 2014, which is unchanged 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 February 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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