Germany Inflation

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Germany: Inflation moderates in September

September 26, 2012

In September, consumer prices remained flat over the previous month, according to a preliminary flash estimate released by the statistical institute on 26 September. The reading came in below the revised 0.4% increase observed in August (previously reported: +0.3% month-on-month). As result of the subdued print, annual headline inflation inched down from 2.1% in August to 2.0% in September, which matched market expectations. Meanwhile, annual average inflation remained unchanged at August's 2.1%. HICP inflation (based on the harmonized index of consumer prices) followed suit and declined from 2.2% in August to 2.1% in September. Annual average HICP inflation inched down from 2.4% in August to 2.3%. More detailed inflation data will be published on 11 October. The Bundesbank expects inflation to average 2.1% this year, before falling to 1.6% in 2013.


Author:, Senior Economist

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Germany Inflation September 2012

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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