Germany Inflation

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Germany: Inflation inches up from lowest level in over four years in June

June 27, 2014

In June, consumer prices rose 0.3% over the previous month, according to preliminary data released by the Federal Statistics Office (Destatis) on 27 June. The reading contrasted the 0.1% drop registered in May and overshot the 0.2% increase the markets had expected.

Annual headline inflation ticked up from 0.9% in May—an over-four-year low—to 1.0% in June. Annual average inflation, however, inched down from 1.4% in May to 1.3% in June, which marked a 40-month low.

Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) rose from 0.6% in May to 1.0% in June. Annual average HICP inflation edged down from 1.3% in May to 1.2% in June.

The German Central Bank expects inflation to average 1.1% in 2014, before increasing to 1.5% in 2015. FocusEconomics panelists expect inflation to average 1.2% in 2014, which is down 0.1 percentage points from the previous month’s forecast. For 2015, panelists expect inflation to increase to 1.7%.


Author:, Senior Economist

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Germany Inflation June 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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