Germany Inflation October 2019


Germany: Harmonized inflation stabilizes in October at near three-year low

November 13, 2019

Harmonized consumer prices rose 0.1% month-on-month in October, swinging from the prior month’s 0.1% fall. The print reflected a rise in the prices of clothing and footwear and miscellaneous goods and services offsetting cheaper food and non-alcoholic beverages as well as softer inflation for alcoholic beverages and tobacco; and housing and utilities.

Harmonized inflation, meanwhile, was stable at September’s 0.9% in October. This marked the joint-lowest reading in nearly three years. Annual average harmonized inflation ticked down to 1.5% in September from 1.6% in the previous month. Lastly, consumer price inflation moderated from 1.2% in September to 1.1%, marking the lowest reading since February 2018, while annual average consumer price inflation inched down from 1.6% in September to 1.5%.

FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 1.4% in 2020, which is unchanged from last month’s forecast. For 2021, our panel sees harmonized inflation averaging 1.5%. This is largely in line with the Bundesbank’s June 2019 projections of harmonized inflation reaching 1.5% in 2020 and 1.7% in 2021.

Author:, Economist

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Germany Inflation Chart

Germany Inflation October 2019

Note: Month-on-month and year-on-year changes of harmonized index of consumer prices %.
Source: Federal Statistics Office (Destatis) and FocusEconomics calculations.

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