Germany's consumer price inflation declined to 6.1% year-on-year in May 2023, compared to 7.2% in the previous month and below market expectations of 6.5%, according to a preliminary estimate. It was the lowest rate since March 2022, partially due to slower increases in both energy and food prices. Energy costs rose by 2.6% in May, easing from the 6.8% increase recorded in April. Similarly, the price of food advanced by 14.9%, which is lower than the 17.2% increase seen in the previous month. Additionally, services inflation slightly decreased to 4.5% from 4.7% in April. The EU-standard harmonized index of consumer prices, a measure used for cross-country comparisons, rose by 6.3% in May, marking the lowest level since February 2022. Despite the recent slowdown in inflationary pressures within Germany, the consumer price inflation rates remained significantly above the European Central Bank's target of 2%. source: Federal Statistical Office

Inflation Rate in Germany averaged 2.48 percent from 1950 until 2023, reaching an all time high of 11.70 percent in October of 1951 and a record low of -7.62 percent in June of 1950. This page provides the latest reported value for - Germany Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Germany Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

Inflation Rate in Germany is expected to be 6.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Germany Inflation Rate is projected to trend around 2.50 percent in 2024 and 2.20 percent in 2025, according to our econometric models.

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Germany Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-05-10 06:00 AM Inflation Rate YoY Final Apr 7.2% 7.4% 7.2% 7.2%
2023-05-31 12:00 PM Inflation Rate YoY Prel May 6.1% 7.2% 6.5% 6.7%
2023-06-13 06:00 AM Inflation Rate YoY Final May 7.2% 6.1% 6.1%


Related Last Previous Unit Reference
Inflation Rate 6.10 7.20 percent May 2023
Inflation Rate MoM -0.10 0.40 percent May 2023
Consumer Price Index CPI 116.50 116.60 points May 2023
Core Inflation Rate 5.80 5.84 percent Apr 2023
Core Consumer Prices 111.30 110.60 points Apr 2023
Producer Prices 151.10 150.60 points Apr 2023
Producer Prices Change 4.10 6.70 percent Apr 2023
Export Prices 123.00 123.50 points Apr 2023
Import Prices 128.60 130.80 points Apr 2023
Food Inflation 16.80 21.20 percent Apr 2023
North Rhine Westphalia CPI YoY 5.70 6.70 percent May 2023
Saxony CPI YoY 6.50 7.60 percent May 2023
Brandenburg CPI YoY 6.30 7.60 percent May 2023
Bavaria CPI YoY 6.10 7.20 percent May 2023
Baden Wuerttemberg CPI YoY 6.60 7.30 percent May 2023
Hesse CPI YoY 5.90 6.90 percent May 2023
Producer Price Inflation MoM 0.30 -1.40 percent Apr 2023
Energy Inflation 6.85 3.54 percent Apr 2023
Services Inflation 4.66 4.79 percent Apr 2023
Wholesale Prices 134.60 135.20 points Apr 2023
CPI Transportation 124.60 122.60 points Apr 2023
CPI Housing Utilities 114.50 114.30 points Apr 2023

Germany Inflation Rate
In Germany, the most important categories in the consumer price index are Housing, water, electricity, gas & other fuels (32 percent of the total weight), Transport (13 percent), Recreation, entertainment & culture (11 percent) and Food & non-alcoholic beverages (10 percent). The index also includes Miscellaneous goods & services (7 percent), Furniture, lighting equipment, appliances & other household equipment (5 percent), Restaurant & accommodation services (5 percent), Health (5 percent) and Clothing & footwear (5 percent). The remaining 7 percent of the index is composed of Alcoholic beverages & tobacco, Communication and Education.
Actual Previous Highest Lowest Dates Unit Frequency
6.10 7.20 11.70 -7.62 1950 - 2023 percent Monthly

News Stream
German Inflation Rate Slows More than Expected
Germany's consumer price inflation declined to 6.1% year-on-year in May 2023, compared to 7.2% in the previous month and below market expectations of 6.5%, according to a preliminary estimate. It was the lowest rate since March 2022, partially due to slower increases in both energy and food prices. Energy costs rose by 2.6% in May, easing from the 6.8% increase recorded in April. Similarly, the price of food advanced by 14.9%, which is lower than the 17.2% increase seen in the previous month. Additionally, services inflation slightly decreased to 4.5% from 4.7% in April. The EU-standard harmonized index of consumer prices, a measure used for cross-country comparisons, rose by 6.3% in May, marking the lowest level since February 2022. Despite the recent slowdown in inflationary pressures within Germany, the consumer price inflation rates remained significantly above the European Central Bank's target of 2%.
2023-05-31
Germany Inflation Rate Confirmed at 7.2%
The annual inflation rate in Germany was confirmed at 7.2% in April 2023, the lowest in seven months, compared to 7.4% in March. Despite slowing for the second month in a row, the inflation remains very high, with food prices making the biggest upward impact. Food prices surged 17.2%, compared to a 22.3% rise in March, with dairy products (+34.8%); bread and cereals (+21.3%); fish and seafood (+19.7%); and sugar, jam, honey (+19.6%) recording the biggest increases. Meanwhile, energy prices accelerated (6.8% vs 3.5% in March), mainly due to household energy, namely natural gas prices (+33.8%); firewood, wood pellets (+29.8%); electricity (+15.4%); and district heating (+12.3%). On the other hand, prices for heating oil (-21.8%), and motor fuel (-9.4%) went down. Excluding energy prices, the inflation rate was 7.2% and excluding energy and food, the inflation rate was significantly lower at 5.8%. Compared to March, the CPI moved 0.4% higher.
2023-05-10
German Inflation Rate Slows to 8-Month Low
Germany's consumer price inflation eased to 7.2 percent year-on-year in April 2023, down from 7.4 percent the month before and slightly below market expectations of 7.3 percent, a preliminary estimate showed. The rate was the lowest since August 2022, due to smaller increases in the cost of food (17.2 percent vs 22.3 percent in March) and services (4.7 percent vs 4.8 percent). On the other hand, energy inflation accelerated to 6.8 percent from 3.5 percent in the previous period. The EU-standard harmonized index of consumer prices rose by 7.6 percent in April, slightly down from 7.8 percent in March but well above the European Central Bank's target of 2.0 percent.
2023-04-28