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Germany: Inflation moderates in August

August 29, 2013

In August, consumer prices were unchanged over the pervious month, according to preliminary estimates released by the Federal Statistics Office (Destatis). The reading was below the 0.5% increase observed in July and just under market expectations of a 0.1% rise.

As a result of the subdued monthly reading, annual headline inflation fell from 1.9% in July to 1.5% in August, exceeding market expectations of a slight decrease to 1.7%. Annual average inflation inched down from 1.8% in July to 1.7% August, the lowest level in over two years.

Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) declined from 1.9% in June to 1.6% in August. Annual average HICP inflation fell to 1.8% in August (July: 1.9%).

The Bundesbank expects inflation to average 1.6% in 2013, before inching down to 1.5% in 2014. FocusEconomics panellists expect inflation to average 1.6% in 2013, which is unchanged from the previous month's forecast. For 2014, panellists expect inflation to increase to 1.8%.


Author:, Senior Economist

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Germany Inflation Chart


Germany Inflation August 2013

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


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