Brandenburg Gate in Berlin, Germany

Germany Inflation November 2020

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

Harmonized consumer prices fell 1.00% month-on-month in November, after flatlining in October. The print continued to be influenced by the value added tax cut that came into force on 1 July as part of the government’s fiscal response to the coronavirus crisis.

On an annual basis, harmonized consumer prices dropped 0.7% in November (October: -0.5% yoy), marking the steepest fall since July 2009. Lastly, annual average harmonized inflation ticked down to 0.5% in November, from October’s 0.7%

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