Germany Inflation May 2018


Germany: Inflation reaches highest level in more than one year

June 14, 2018

Consumer prices in Germany increased 0.5% over the prior month in May, contrasting April’s flat reading, according to data released by the Federal Statistics Office (Destatis) on 14 June. The result was driven by higher prices for energy and recreation and culture, while food prices rose marginally. Energy prices picked up chiefly due to a significant increase in the price of heating oil.

Inflation also increased and came in at 2.2%, which was up from 1.6% in April and marked the highest reading since February of last year. Meanwhile, annual average inflation inched up from 1.6% to 1.7%.

Finally, harmonized inflation (HICP) matched the headline inflation figure of 2.2% in May, up from 1.4% in the previous month.

Germany Inflation Forecast

The Central Bank expects inflation of 1.6% in 2018 and 1.7% in 2019. FocusEconomics panelists see inflation averaging 1.7% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, panelists forecast inflation of 1.8%.

Author:, Economist

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Germany Inflation Chart

Germany Inflation May 2018

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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