Brandenburg Gate in Berlin, Germany

Germany Inflation January 2020

Germany: Harmonized consumer prices rise in January

Harmonized consumer prices rose 1.40% month-on-month in January, up from December’s 0.57%. The print partly reflected a notable uptick in energy prices, while food and non-alcoholic beverages also rose.

Harmonized prices rose 1.6% year-on-year in December, contrasting the 0.7% drop recorded in November. Inflation returned as the temporary reduction in value added tax as part of the government’s fiscal response to the pandemic ended, with higher tax rates being passed on to consumers. Meanwhile, the trend was stable as annual average inflation came in at December’s 0.4% in January.

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