Germany Inflation

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Germany: Inflation rises moderately in June

July 11, 2014

In June, consumer prices rose 0.3% over the previous month according to revised data released by the Federal Statistics Office (Destatis) on 11 July. The reading, which was in line with the preliminary estimate and contrasted the 0.1% drop registered in May, just overshot the 0.2% increase the markets had expected. According to Destatis, the monthly increase was the result of higher prices for transport as well as for recreation and culture, due to the summer holidays.

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

Revised data also confirmed that 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 Central Bank expects inflation to average 1.1% in 2014, before increasing to 1.5% in 2015. FocusEconomics panelists expect inflation to average 1.1% in 2014, which is down 0.2 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 0

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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