Inflation in Germany
Germany - Inflation (end of period)
Harmonized inflation comes down in June on the back of the government’s relief package
Harmonized consumer prices dropped 0.08% from the previous month in June, contrasting the 1.11% rise recorded in May.
Harmonized inflation came in at 8.2% in June, easing from May’s 8.7%. This is in part due to the relief package from the government that came into force on 1 June, bringing down energy price pressures. Meanwhile, the trend pointed up, with annual average harmonized inflation coming in at 5.9% in June (May: 5.3%).
Commenting on the inflation outlook, Carsten Brzeski, global head of macro at ING, added:
“This is not a turning point—yet—but rather evidence that it is currently governments and not central banks that can bring down inflation. […] The energy relief package will end in August. This will also be the moment when the temporary relief to headline inflation stops. Even if pricing power both in industry and services should have reached its peak, we still expect the pass-through from higher costs to last at least over the summer months if not longer. The potential end to Russian gas for Germany is also likely to increase energy prices going into the winter season. This makes any significant retreat of headline inflation highly unlikely for 2022. It will take until 2023 before negative base effects should send the headline rate towards 2% again.”
FocusEconomics panelist expect harmonized inflation to average 7.4% in 2022 and 3.7% in 2023.
Germany - Inflation (eop) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %, eop) | 0.2 | 1.5 | 1.4 | 1.6 | 1.5 |
Germany Inflation (eop) Chart
Source: Federal Statistics Office and FocusEconomics calculations
Germany Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | -0.19 | 0.41 % | Jan 01 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Germany: Harmonized inflation comes down in June on the back of the government’s relief package
June 29, 2022
Harmonized consumer prices dropped 0.08% from the previous month in June, contrasting the 1.11% rise recorded in May.
-
Germany: Consumer sentiment expected to deteriorate further in July
June 28, 2022
The GfK consumer climate index is forecast to drop from minus 26.2 in June to an all-time low of minus 27.4 in July. The expected improvement in sentiment came on backward-looking data for June, which is released simultaneously and underpins the June expectation.
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Germany: Business sentiment worsens in June
June 24, 2022
Business sentiment dropped to 92.3 in June from 93.0 in May.
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Germany: Composite PMI moderates in June
June 23, 2022
The S&P Global Flash Germany Purchasing Managers’ Index (PMI) eased to a six-month low of 51.3 in June from 53.7 in May.
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Germany: Harmonized inflation reaches record-high in May
June 14, 2022
Harmonized consumer prices rose 1.11% from the previous month in May, picking up from the 0.69% rise recorded in April.
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