Germany Inflation


Inflation inches up in November

In November, consumer prices rose 0.2% over the previous month, confirming the preliminary estimate released by the Federal Statistics Office (Destatis) on 28 November. The reading contrasted October's 0.2% fall and came in on par with market expectations. According to Destatis, the increase reflected higher prices for food as well as for alcoholic beverages.

Annual headline inflation inched up from 1.2% in October - a six-month low - to 1.3% in November, which was in line with market expectations. In November, annual average inflation remained at October's 1.6%.

Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) rose to 1.6% in November (October: 1.2% year-on-year). Annual average HICP inflation remained unchanged at October's 1.7%.

The German Central Bank 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 compared to the previous month's forecast. For 2014, panelists expect inflation to increase to 1.8%, which is also unchanged over last month's estimate.

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Germany Inflation Chart

Germany Inflation November 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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