Brandenburg Gate in Berlin, Germany

Germany Inflation January 2020

Germany: Harmonized inflation inches higher in January

German harmonized consumer prices fell 0.8% month-on-month in January, contrasting the 0.6% rise in December. The drop in the price level was driven by cheaper prices for clothing and footwear, owing to seasonal discounts; recreation and culture; education; and furnishing. On the other hand, prices for fuels jumped despite lower global oil prices.

Harmonized inflation, meanwhile, ticked up to 1.6% in January from 1.5% in the prior month, marking a nine-month high; however, annual average harmonized inflation was stable at 1.4% for the third consecutive month. Lastly, consumer price inflation rose to 1.7% in January from 1.5% in December, with annual average consumer price inflation remaining stable at 1.5% for the fourth month running.

Looking ahead, inflation is expected to remain relatively muted this year as economic activity is forecast to grow only tepidly this year as it remains caught in a dichotomy of external headwinds offsetting strong domestic metrics.

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