Germany Inflation Rate Monthly Analysis: Germany Consumer Price Index (2024)

FAQs

Germany Inflation Rate Monthly Analysis: Germany Consumer Price Index? ›

Germany Inflation Rate is at 2.20%, compared to 2.20% last month and 7.20% last year. This is higher than the long term average of 2.01%.

Germany Inflation Rate is at 2.30%, compared to 2.70% last month and 7.80% last year. This is higher than the long term average of 1.91%.

Press release No. 169 of 29 April 2024

WIESBADEN – The inflation rate in Germany is expected to be +2.2% in April 2024. The inflation rate is measured as the change in the consumer price index (CPI) compared with the same month a year earlier.

Basic Info. Germany Consumer Price Index: Energy is at a current level of 150.50, down from 150.90 last month and down from 155.00 one year ago. This is a change of -0.27% from last month and -2.90% from one year ago.

Basic Info. European Union Consumer Price Index is at a current level of 129.33, up from 128.48 last month and up from 126.05 one year ago. This is a change of 0.66% from last month and 2.60% from one year ago.

In the euro area, the Harmonised Index of Consumer Prices (HICP) is used to measure consumer price inflation.

The U.S. Department of Labor's Bureau of Labor Statistics has various indexes that measure different aspects of inflation.

US Inflation Rate is at 3.48%, compared to 3.15% last month and 4.98% last year. This is higher than the long term average of 3.28%. The US Inflation Rate is the percentage in which a chosen basket of goods and services purchased in the US increases in price over a year.

Germany's inflation rate increased to 3.7% YoY in December, up from 3.2% in November, mainly due to a 4.1% rise in energy prices influenced by a government subsidy. Food inflation fell slightly. Excluding food and energy, core inflation was 3.5%. France also saw a slight uptick in inflation to 3.7%.

Is Germany in a recession? ›

Germany's Economy Probably Is in Recession

Similarly, the Economy Ministry said most research institutes “expect GDP to fall again in the first quarter of 2024.”

Between 2010-2021, the consumer price inflation in Germany was highest in the year 2021, reaching 3.1%. Germany reported a sharp decline in the inflation rate between 2018-2020. Inflation rose to 1.1% in 2010, mainly due to an increase in heating oil and motor fuel prices.

To find the CPI in any year, divide the cost of the market basket in year t by the cost of the same market basket in the base year. The CPI in 1984 = $75/$75 x 100 = 100 The CPI is just an index value and it is indexed to 100 in the base year, in this case 1984. So prices have risen by 28% over that 20 year period.

Current Germany inflation rate

The Consumer Price Index for Germany is 118.6 for the month of March 2024. The inflation rate year over year is 2.2% (compared to 2.5% for the previous month).

U.S. inflation rate for 2022 was 8.00%, a 3.3% increase from 2021. U.S. inflation rate for 2021 was 4.70%, a 3.46% increase from 2020. U.S. inflation rate for 2020 was 1.23%, a 0.58% decline from 2019. U.S. inflation rate for 2019 was 1.81%, a 0.63% decline from 2018.

Additional information about the time series

The timeline shows the inflation rate measured by the Harmonised Index of Consumer Prices (HICP) in Germany from January 1997 to March 2024. In March 2024, the HICP inflation rate in the euro area decreased to 2.3 in March 2024 compared to 2.7 in February 2024.

Since October 26, 2022, employers have been permitted to award their employees a tax-free sum of up to EUR 3,000 in the form of an inflation compensation bonus. This was laid down by law as part of the German government's third relief package in response to the rise in energy prices. This is a voluntary payment.