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.