Germany Inflation


Inflation falls to lowest level in over two years

In March, consumer prices rose 0.5% over the previous month, according to a preliminary flash estimate released by the Federal Statistics Office (Destatis) on 2 April. The print followed the 0.6% increase observed in February. Despite the monthly increase, annual headline inflation fell from 1.6% in February to 1.4% in March, which represents the lowest level since December 2010. In addition, the reading came in below market expectations that had inflation slowing to 1.5%. Annual average inflation remained unchanged at February's 1.9%. Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) remained stable at the 1.8% observed in February, the lowest level since November 2010. The Bundesbank expects inflation to average 1.5% in 2013, before inching up to 1.6% in 2014. FocusEconomics panellists expect inflation to average 1.8% in 2013, which is unchanged from the previous month's forecast. For 2014, panellists expect inflation to increase to 1.9%.

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Germany Inflation Chart

Germany Inflation March 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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