Germany Inflation May 2020


Germany: Inflation drops to lowest level since August 2016 in May

June 16, 2020

Harmonized consumer prices were unchanged from the previous month in May, below the 0.4% increase logged in April. May's result reflected the impact of government-imposed restrictive measures, which led to a broad-based decline in prices and offset a notable pick-up in prices of alcoholic beverages and tobacco.

Harmonized inflation came in at 0.5% in May, moderately below April’s 0.8%. May's print marked the lowest inflation rate since August 2016. Meanwhile, the trend was stable, with annual average harmonized inflation coming in at 1.2% in May (April: 1.2%).

FocusEconomics panelists see harmonized inflation averaging 0.7% in 2020, which is unchanged from last month’s forecast. For 2021, our panel expects average inflation of 1.4%.


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