Germany Inflation February 2019


Germany: Inflation stable in February

March 14, 2019

In February, harmonized consumer prices in Germany rose 0.5% over the previous month. The result contrasts the 1.0% drop recorded in January and comes on the back of a broad-based increase in the price level, with almost all categories registered higher prices. Prices for food and non-alcoholic beverages, and health rose at a quicker pace in February, while prices for clothing and footwear, and recreation and culture increased at a rapid pace contrasting the prior month’s drop in price tags.

Harmonized inflation, meanwhile, was stable for the third month running at 1.7% in February. Annual average harmonized inflation was also stable, coming in at January’s 2.0% in February. Meanwhile, non-harmonized annual average inflation edged up from 1.7% in January to 1.8% in February.

With this month’s release, FocusEconomics changed its focus from the national, non-harmonized inflation to harmonized inflation. This has been done to better reflect the panel’s forecasts.

The FocusEconomics Consensus Forecasts panelists see HICP inflation averaging 1.7% in 2019, which is unchanged from last month’s forecast. For 2020, our panel sees average inflation at 1.7%. In December, the Central Bank expected HICP inflation of 1.4% in 2019 and 1.8% in 2020.

Author:, Economist

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Germany Inflation Chart

Germany Inflation February 2019

Note: Month-on-month and year-on-year changes of harmonized index of consumer prices %.
Source: Federal Statistics Office (Destatis) and FocusEconomics calculations.

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