German consumer price inflation was confirmed at 2.9% year-on-year in January 2024, the lowest rate since June 2021, driven by a sharp slowdown in goods inflation (2.3% vs 4.1% in December). Within goods, energy costs fell by 2.8%, following a 4.1% surge in December, despite the discontinuation of the brake on energy prices and the introduction of a higher carbon price. Household energy prices fell by 3.4%, and fuel prices were down by 2.0%. In addition, food inflation cooled to 3.8% from 4.6%. Meanwhile, services prices rose at a faster pace (3.4% vs 3.2%), boosted by prices for maintenance and repair of housing (+7.8%), services of social institutions (+7.4%), and restaurants (+6.6%). Core inflation, which excludes volatile items such as food and energy, declined to 3.4%, reaching the lowest rate since June 2022. On a monthly basis, consumer prices rose by 0.2%, with restaurant services becoming more expensive (+2.2%), partly due to the end of the temporary VAT reduction for food. source: Federal Statistical Office

Inflation Rate in Germany decreased to 2.90 percent in January from 3.70 percent in December of 2023. Inflation Rate in Germany averaged 2.50 percent from 1950 until 2024, 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 February of 2024.

Inflation Rate in Germany decreased to 2.90 percent in January from 3.70 percent in December of 2023. Inflation Rate in Germany is expected to be 2.60 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 2.10 percent in 2025 and 1.90 percent in 2026, according to our econometric models.

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Germany Inflation Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2024-01-31 01:00 PM Inflation Rate YoY Prel Jan 2.9% 3.7% 3% 3.2%
2024-02-09 07:00 AM Inflation Rate YoY Final Jan 2.9% 3.7% 2.9% 2.9%
2024-02-29 01:00 PM Inflation Rate YoY Prel Feb 2.9% 2.6% 2.7%


Related Last Previous Unit Reference
Inflation Rate 2.90 3.70 percent Jan 2024
Inflation Rate MoM 0.20 0.10 percent Jan 2024
Consumer Price Index CPI 117.60 117.40 points Jan 2024
Core Inflation Rate 3.39 3.48 percent Jan 2024
Core Consumer Prices 112.90 112.90 points Jan 2024
Producer Prices 144.50 146.20 points Dec 2023
Producer Prices Change -8.60 -7.90 percent Dec 2023
Export Prices 122.00 122.20 points Dec 2023
Import Prices 125.50 126.90 points Dec 2023
Food Inflation 4.17 4.88 percent Jan 2024
Services Inflation 3.45 3.17 percent Jan 2024
Energy Inflation -2.83 4.07 percent Jan 2024
Brandenburg CPI YoY 3.70 4.50 percent Jan 2024
Bavaria CPI YoY 2.90 3.40 percent Jan 2024
Baden Wuerttemberg CPI YoY 3.20 3.80 percent Jan 2024
North Rhine Westphalia CPI YoY 3.00 3.50 percent Jan 2024
Hesse CPI YoY 2.20 3.50 percent Jan 2024
Saxony CPI YoY 3.50 4.30 percent Jan 2024
Producer Price Inflation MoM -1.20 -0.50 percent Dec 2023
Wholesale Prices 131.00 130.90 points Jan 2024
CPI Transportation 122.60 123.80 points Jan 2024
CPI Housing Utilities 115.20 114.40 points Jan 2024

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
2.90 3.70 11.70 -7.62 1950 - 2024 percent Monthly

News Stream
German Inflation Rate Confirmed at 2-1/2-Year Low
German consumer price inflation was confirmed at 2.9% year-on-year in January 2024, the lowest rate since June 2021, driven by a sharp slowdown in goods inflation (2.3% vs 4.1% in December). Within goods, energy costs fell by 2.8%, following a 4.1% surge in December, despite the discontinuation of the brake on energy prices and the introduction of a higher carbon price. Household energy prices fell by 3.4%, and fuel prices were down by 2.0%. In addition, food inflation cooled to 3.8% from 4.6%. Meanwhile, services prices rose at a faster pace (3.4% vs 3.2%), boosted by prices for maintenance and repair of housing (+7.8%), services of social institutions (+7.4%), and restaurants (+6.6%). Core inflation, which excludes volatile items such as food and energy, declined to 3.4%, reaching the lowest rate since June 2022. On a monthly basis, consumer prices rose by 0.2%, with restaurant services becoming more expensive (+2.2%), partly due to the end of the temporary VAT reduction for food.
2024-02-09
German Inflation Rate Drops to 2-1/2-Year Low
German consumer price inflation dropped to 2.9% year-on-year in January 2024, down from 3.7% the previous month and falling short of the market consensus of 3.0%, a preliminary estimate showed. It was the lowest rate since June 2021, driven by a slowdown in goods inflation (2.3% vs 4.1% in December). Within goods, energy costs fell by 2.8%, following a 4.1% surge in December, and food inflation cooled to 3.8% from 4.5%. Meanwhile, services prices rose at a faster pace (3.4% vs 3.2%). The core inflation, which excludes volatile items such as food and energy, declined to 3.4% in January, reaching the lowest rate since June 2022. The EU-harmonized index of consumer price inflation slowed to 3.1% from December's 3.8%, also coming slightly below expectations of 3.2%.
2024-01-31
German December Inflation Rate Confirmed at 3.7%
German consumer price inflation was confirmed at 3.7% year-on-year in December 2023, rising from November’s over two-year low of 3.2% and aligning with market estimates. The primary upward pressure came from the surge in energy prices (4.1% vs -4.5% in November), driven by base effects associated with the so-called “December emergency aid”. In this program, the federal government made a one-off payment to cover private households’ monthly gas and heating expenses in December 2022. Meanwhile, the costs of food slowed further to 4.6% from 5.5% in November, and those for services moderated to 3.2% compared to 3.4%. Core inflation, excluding volatile items like food and energy, fell to 3.5%, reaching its lowest rate since July 2022. On a monthly basis, the CPI grew 0.1%, following a prior 0.4% drop. For the entire year of 2023, the average inflation rate was 5.9%.
2024-01-16