Germany Inflation September 2018


Germany: Inflation rises in September

October 12, 2018

Consumer prices rose 0.4% over the previous month in September, up from a 0.1% increase in August. The result came on the back of significant increases in prices for clothing and footwear due to new autumn and winter fashion collections. While food and energy prices also rose, marked drops in prices for package holidays and air tickets owing to the end of the holiday season limited the growth in the headline reading.

Inflation increased to 2.3% in September from 2.0% in August, reaching a near seven-year high. Meanwhile, annual average inflation was stable at 1.8% and harmonized inflation (HICP) increased to 2.3% from 1.9% in August.

The Central Bank expects HICP inflation of 1.8% in 2018 and 1.7% in 2019. FocusEconomics panelists see CPI inflation averaging 1.8% in 2018, which is unchanged from last month’s forecast. For 2019, our panel sees average inflation remaining at 1.8%.

Author:, Economist

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Germany Inflation Chart

Germany Inflation September 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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