Germany Inflation May 2022


Germany: Harmonized inflation reaches record-high in May

June 14, 2022

Harmonized consumer prices rose 1.11% from the previous month in May, picking up from the 0.69% rise recorded in April. The print was driven by stronger price increased for housing, water, electricity, gas and other fuels, household equipment, health, transport, and education.

Harmonized inflation came in at 8.7% in May, which was up from April’s 7.8%. May's figure marked the highest inflation rate since records began. Meanwhile, the trend pointed up, with annual average harmonized inflation coming in at 5.3% in May (April: 4.8%).

Analysts at the EIU added:

“The Ukraine war and sanctions on Russia are driving up the price of energy, to which Germany is particularly exposed, but are also affecting food prices. War-related spikes in base metal prices and the ongoing pandemic-related lockdowns in China will drive producer price inflation to 20.6% in 2022. Monthly inflation will moderate in the second half of the year, and we forecast an annual average inflation rate of 6.8% this year and 2.6% in 2023, moderating to an average of 1.9% in 202426.”

FocusEconomics panelist expect harmonized inflation to average 6.7% in 2022 and 3.0% in 2023.


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Germany Inflation Chart

Germany Inflation May 2022 0

Note: Annual and monthly variation of harmonized index of consumer prices in %.
Source: Federal Statistics Office (Destatis) and FocusEconomics calculations.

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