Germany Inflation October 2020


Germany: Harmonized prices post largest fall since January 2015 in September

November 12, 2020

Harmonized consumer prices were unchanged over the prior month in October, following September’s 0.38% drop. The print reflected markedly higher price levels for food and non-alcoholic beverages, and clothing and footwear being offset by notable falls in recreation and culture, communication, and health prices.

On an annual basis, harmonized prices dropped 0.5% in October, down from the 0.4% decrease recorded in September. October’s figure marked the steepest fall in harmonized prices since January 2015. In part due to the reduction in value added tax, which entered into force on 1 July as part of the government’s fiscal response to the health crisis. Lastly, annual average harmonized inflation to 0.7% in October, down from September’s 0.8%

FocusEconomics panelists see harmonized inflation averaging 1.4% in 2021, which is unchanged from the previous month’s forecast. For 20221, our panelists expect harmonized inflation averaging 1.4%.


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Germany Inflation Chart

Germany Inflation October 20 20

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

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