Germany Inflation


Inflation moderates in September

Consumer prices remained unchanged over the previous month in September according to preliminary estimates released by the Federal Statistics Office (Destatis). The reading followed August's flat figure and came in slightly below market expectations of a 0.1% rise. Compared to the same month last year, consumer prices increased 1.4% in September (August: 1.5% year-on-year), which fell short of market expectations of 1.5%. In September, annual average inflation remained unchanged at August's 1.7%. Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) was unchanged at 1.6% in September. Annual average HICP inflation remained stable at 1.8% in September. The Bundesbank expects inflation to average 1.6% in 2013, before inching down to 1.5% in 2014. FocusEconomics panelists expect inflation to average 1.6% in 2013, which is unchanged from the previous month's forecast. For 2014, panelists expect inflation to increase to 1.8%, which is also unchanged from last month's estimate.

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Germany Inflation Chart

Germany Inflation September 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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