Germany Inflation


Inflation moderates in January

Consumer prices fell 0.6% over the previous month in January, according to preliminary estimates released by the Federal Statistics Office (Destatis). The reading contrasted December's 0.4% increase and came in below market expectations of a 0.4% drop.

Annual headline inflation eased from 1.4% in December to 1.3% in January, which undershot market expectations of a 1.5% increase. In January, annual average inflation remained unchanged at December's 1.5%.

Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) was unchanged at 1.2% in January. Annual average HICP inflation inched down from 1.6% in December to 1.5% in January.

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 January 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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