Consumer prices in Germany fell 0.3% year-on-year in November of 2020, the most since January of 2015 and in line with preliminary figures. It was the fourth month of deflation so far this year due to the temporary VAT reduction from July 1st 2020 and until the end of the year as part of a stimulus package to help the economy recover from the coronavirus shock. Prices of goods went down 1.8% mainly due to energy (-7.7%), consumer durables such as telephones (-6.7%) and consumer electronics (-4.5%). Excluding energy products, the inflation rate would have been 0.6%. Upward pressure came from the cost of food (1.4%) namely meat and fruit, and services (1.1%) mainly heating expenses (1.4%). Compared with October, consumer prices went down 0.8%, the biggest fall in a year. source: Federal Statistical Office

Inflation Rate in Germany averaged 2.34 percent from 1950 until 2020, reaching an all time high of 11.54 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 December of 2020.

Inflation Rate in Germany is expected to be -0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Germany to stand at 1.20 in 12 months time. In the long-term, the Germany Inflation Rate is projected to trend around 1.30 percent in 2021 and 1.60 percent in 2022, according to our econometric models.

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Germany Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.30 -0.20 11.54 -7.62 1950 - 2020 percent Monthly


Calendar GMT Actual Previous Consensus TEForecast
2020-10-29 01:00 PM Inflation Rate YoY Prel Oct -0.2% -0.2% -0.3% -0.2%
2020-11-12 07:00 AM Inflation Rate YoY Final Oct -0.2% -0.2% -0.2% -0.2%
2020-11-30 01:00 PM Inflation Rate YoY Prel Nov -0.3% -0.2% -0.1% -0.1%
2020-12-11 07:00 AM Inflation Rate YoY Final Nov -0.3% -0.2% -0.3% -0.3%
2021-01-06 01:00 PM Inflation Rate YoY Prel Dec -0.3% -0.3% -0.3%
2021-01-19 07:00 AM Inflation Rate YoY Final Dec -0.3%
2021-01-28 01:00 PM Inflation Rate YoY Prel Jan
2021-02-10 07:00 AM Inflation Rate YoY Final Jan


News Stream
Germany Deflation Deepens in November
Consumer prices in Germany fell 0.3% year-on-year in November of 2020, the most since January of 2015 and in line with preliminary figures. It was the fourth month of deflation so far this year due to the temporary VAT reduction from July 1st 2020 and until the end of the year as part of a stimulus package to help the economy recover from the coronavirus shock. Prices of goods went down 1.8%, mainly due to energy (-7.7%), consumer durables such as telephones (-6.7%) and consumer electronics (-4.5%). Excluding energy products, the inflation rate would have been 0.6%. Upward pressure came from the cost of food (1.4%) namely meat and fruit, and services (1.1%) mainly heating expenses (1.4%). Compared with October, consumer prices went down 0.8%, the biggest fall in a year.
2020-12-11
German CPI Falls the Most in Almost 6 Years
Consumer prices in Germany are expected to decrease 0.3 percent from a year earlier in November 2020, the largest decline since January 2015 and compared to market expectations of a 0.1 percent fall, a preliminary estimate showed. Prices have been pressured by subdued domestic demand and the government's announcement in July of a temporary VAT rate cut until the end of the year as part of a stimulus package to help Europe's largest economy recover from the coronavirus shock. Goods prices should fall 1.8 percent (vs -1.5 percent in October) led by a decline in energy cost (-7.7 percent vs -6.8 percent). Food inflation is set to remain unchanged at 1.4 percent. At the same time, service inflation is seen picking up slightly to 1.1 percent from 1.0 percent. On a monthly basis, consumer prices are expected to decrease by 0.8 percent in November.
2020-11-30
German Consumer Prices Fall for 2nd Month
Consumer prices in Germany dropped 0.2 percent from a year earlier in October 2020, the same as in the previous month, which was the largest decline since January 2015. Prices remained under pressure following the government's announcement in July of a temporary VAT rate cut until the end of the year as part of a stimulus package to help Europe's largest economy recover from the coronavirus shock. Goods prices fell 1.5 percent (vs -1.7 percent in September) led by a decline in energy cost (-6.8 percent vs -7.1 percent) while food inflation accelerated (1.4 percent vs 0.6 percent). At the same time, services inflation was steady at 1.0 percent, supported by an increase in net rents exclusive of heating expenses. On a monthly basis, consumer prices edged up 0.1 percent, after a 0.2 percent drop in September.
2020-11-12
Germany Consumer Prices Drop for 2nd Month
Consumer prices in Germany are expected to decrease 0.2 percent from a year earlier in October 2020, the same as in the previous month and compared to market expectations of a 0.3 percent fall, a preliminary estimate showed. It remained the largest decline since January 2015 pressured by the government's announcement in July of a temporary VAT rate cut until the end of the year as part of a stimulus package to help Europe's largest economy recover from the coronavirus shock. Goods prices should fall 1.5 percent (vs -1.7 percent in September) led by a decline in energy cost (-6.8 percent vs -7.1 percent) while food inflation advanced (1.4 percent vs 0.6 percent). At the same time, service inflation is seen steady at 1.0 percent. On a monthly basis, consumer prices are expected to increase 0.1 percent, after a 0.2 percent drop in September.
2020-10-29

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 by Alcoholic beverages & tobacco, Communication and Education.