Germany Inflation

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Germany: Inflation edges down to almost five-year low

December 11, 2014

Consumer prices were unchanged over the previous month in November, according to data released by the Federal Statistics Office (Destatis) on 11 December, contrasting October’s 0.3% price drop and meeting market expectations.

Annual headline fell from October’s 0.8% to 0.6% in November, the lowest inflation rate since February 2010. Annual average inflation declined from October’s 1.1% to 1.0% in November, marking a 49-month low.

Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) inched down from October’s 0.7% to 0.5% in November. Annual average HICP inflation also declined in November, falling from October’s 1.0% to 0.9%.

The Central Bank expects inflation of 1.1% in 2015, before increasing to 1.8% in 2016. FocusEconomics panelists expect inflation to average 1.4% in 2015, which is unchanged from the previous month’s forecast. For 2016, panelists expect inflation to increase to 1.9%.


Author: Teresa Kersting, Economist

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Germany Inflation Chart


Germany Inflation November 2014

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


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