Germany Inflation


Inflation rises more than expected in June

In June, consumer prices rose 0.1% over the previous month, according to preliminary estimates released by the Federal Statistics Office (Destatis). The reading was below the 0.4% increase recorded in May but came in slightly above market expectations that had prices remaining unchanged.

As a result, annual headline inflation climbed from 1.5% in May to 1.8% in June, exceeding market expectations that had inflation rising to 1.7%. Despite the faster annual increase, annual average inflation stabilized at the 1.8% observed both in May and April.

Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) followed suit and rose from 1.6% in May to 1.9% in June. Annual average HICP inflation remained unchanged at May's 1.9%.

The Bundesbank expects inflation to average 1.6% in 2013, before inching down to 1.5% in 2014. FocusEconomics panellists expect inflation to average 1.6% in 2013, which is unchanged from the previous month's forecast. For 2014, panellists expect inflation to increase to 1.8%.

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Germany Inflation Chart

Germany Inflation June 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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