Germany Inflation


Inflation remains stable in September

The consumer price index was unchanged over the previous month in September, according to more detailed data released by the Federal Statistics Office (Destatis) on 15 October that confirmed the figures of the previous flash estimate. The reading mirrored August’s result and met market expectations.

Annual headline inflation remained stable in September at August’s 0.9%. Annual average inflation inched down from August’s 1.2% rise to a 1.1% increase, which represented a 45-month low.

Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) matched August’s result and came in at 0.8% in September. Annual average HICP inflation edged down from 1.1% in August to 1.0% in September.

The government expects inflation to average 1.1% in 2014, before increasing to 1.6% in 2015. FocusEconomics panelists expect inflation to average 1.0% in 2014, which is unchanged from the previous month’s forecast. For 2015, panelists expect inflation to increase to 1.6%, which is also unchanged from last month’s projection.

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Germany Inflation Chart

Germany Inflation September 2014 1

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: Federal Statistics Office (Destatis) and FocusEconomics calculations.

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