Inflation in Germany

Germany Inflation | Economic News & Forecasts

Germany - Inflation

Harmonized inflation accelerates in August

Harmonized consumer prices rose 0.42% from the previous month in August, down from the 0.76% drop recorded in July.

Harmonized inflation rose to a record-high 8.8% in August (July: 8.5%) according to preliminary data. The uptick was driven by a marked increase in goods prices. In particular, energy and food prices continued to rise sharply in the month. Consequently, annual average harmonized inflation rose from 6.3% in July to 6.8% in August.

Carsten Brzeski, global head of macro at ING, commented:

“The status quo is that headline inflation will increase further. […] The sharp rise in wholesale gas prices will be passed through to customers over the next few months and the announced gas levy will increase prices and push inflation higher. This is why we expect German inflation to get close to 10% by year-end. However, with faltering demand as consumers will increasingly be unable and unwilling to pay high prices, as well as negative energy base effects, headline inflation should start to come down over the course of 2023 and could even touch 2% by the end of 2023; as outrageous as such a call currently looks.”

FocusEconomics panelist expect harmonized inflation to average 7.9% in 2022 and 4.7% in 2023.

Germany - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)0.5  0.5  1.5  1.7  1.4  

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Germany Inflation Chart


Germany Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Federal Statistics Office and FocusEconomics calculations

Germany Facts

Value Change Date
Bond Yield-0.190.41 %Jan 01
Exchange Rate1.120.65 %Dec 31

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