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German Inflation Surges in March as Energy Prices Rebound
Germany’s inflation rate climbed to 2.7% year-over-year in March 2026, up from 1.9% in February and matching market forecasts, according to a preliminary estimate. This marks the highest level since January 2024, driven by a 7.2% spike in energy prices, the first yearly increase since December 2023, amid the ongoing Middle East conflict. Services inflation held steady at 3.2%, while core inflation, which excludes food and energy, remained at 2.5%, and food inflation eased to 0.9% from 1.1%. The harmonized CPI, closely watched by the ECB, also rose to a 14-month high of 2.8%, keeping both measures above the ECB’s 2% target.
Published on 2026-03-30

Germany’s Inflation Surges to 2.7% in March
Germany’s inflation rate climbed to 2.7% year-over-year in March 2026, up from 1.9% in February and matching market forecasts, according to a preliminary estimate. This marks the highest level since January 2024, driven by a 7.2% spike in energy prices, ending 26 months of declines, amid the ongoing Middle East conflict. Services inflation held steady at 3.2%, while core inflation, which excludes food and energy, remained at 2.5%, and food inflation eased to 0.9% from 1.1%. The harmonized CPI, closely watched by the ECB, also rose to a 14-month high of 2.8%, keeping both measures above the ECB’s 2% target.
Published on 2026-03-30

German Inflation Surges in March as Energy Prices Rebound
Germany’s inflation rate climbed to 2.7% year-over-year in March 2026, up from 1.9% in February and matching market forecasts, according to a preliminary estimate. This marks the highest level since January 2024, driven by a 7.2% spike in energy prices, ending 26 months of declines, amid the ongoing Middle East conflict. Services inflation held steady at 3.2%, while core inflation, which excludes food and energy, remained at 2.5%, and food inflation eased to 0.9% from 1.1%. The harmonized CPI, closely watched by the ECB, also rose to a 14-month high of 2.8%, keeping both measures above the ECB’s 2% target.
Published on 2026-03-30

Germany February Inflation Confirmed at 1.9%
Germany’s annual inflation rate eased to 1.9% in February 2026 from 2.1% in January, confirming preliminary estimates. The slowdown was mainly driven by lower energy prices, which fell 1.9%, including declines in natural gas (-4.4%), electricity (-4.1%), district heating (-1.0%), and heating oil (-4.7%). Food price growth also moderated to 1.1% from 2.1%, as steep drops in edible fats and oils (-19.7%), potatoes (-18.1%), and dairy products (-4.9%) offset increases in confectionery (+8.1%) and meat products (+4.5%). Goods inflation also cooled to 0.8% from 1%, while services inflation remained unchanged at 3.2%. Meanwhile, core inflation, which excludes food and energy, held steady at 2.5%. On a monthly basis, the CPI increased 0.2%, following a 0.1% rise in January, supported by higher costs for energy, food, administrative fees, and package holidays. Meanwhile, the EU-harmonised CPI rose 2.0% year-on-year and 0.4% month-on-month, both matching initial estimates.
Published on 2026-03-11

Germany Inflation Slows to 1.9% in February
Germany’s annual inflation rate eased to 1.9% in February 2026 from 2.1% in January, coming in slightly below market expectations of 2.0%, according to preliminary estimates. The harmonized index of consumer prices, closely monitored by the ECB, also edged down to 2.0% from 2.1%, leaving both measures broadly aligned with the central bank’s 2% target. Goods inflation slowed to 0.8% from 1.0%, as energy prices declined at a faster pace (-1.9% vs. -1.7%) and food inflation cooled markedly to 1.1% from 2.1%. Services inflation held steady at 3.2%, while core inflation, which excludes food and energy, remained unchanged at 2.5%.
Published on 2026-02-27

German Inflation Rate Confirmed at 2.1%
Germany’s annual inflation rate rose to 2.1% in January 2026 from 1.8% in December, confirming preliminary estimates. The latest reading moved slightly above the European Central Bank’s 2% target midpoint, mainly driven by higher costs for consumer goods (1.3% vs 0.8%), led by food (1%), and a rebound in durable goods (0.4% vs -0.3%). In contrast, services inflation moderated to 3.2% from 3.5% in December, although it remained at an above-average rate. Prices for services provided by social institutions (7.1%) increased particularly sharply, alongside combined passenger transport (6.2%), partly due to a price increase for the Deutschlandticket (Germany Ticket) from EUR 58 to EUR 63. On a monthly basis, consumer prices edged up 0.1% after stagnating in December. The core inflation rate, which excludes food and energy, ticked up to 2.5% from 2.4%. Meanwhile, the EU-harmonized CPI also increased slightly to 2.1% from 2.0%, confirming earlier estimates.
Published on 2026-02-17

German Inflation Rate Confirmed at 2.1%
Germany’s annual inflation rate rose to 2.1% in January 2026 from 1.8% in December, confirming preliminary estimates. The latest reading moved slightly above the European Central Bank’s 2% target midpoint, mainly driven by higher costs for consumer goods (1.3% vs. 0.8%), led by food (1%), and a rebound in durable goods (0.4% vs. -0.3%). In contrast, services inflation moderated to 3.2% from 3.5% in December, although it remained at an above-average rate. Prices for services provided by social institutions (7.1%) increased particularly sharply, alongside combined passenger transport (6.2%), partly due to a price increase for the Deutschlandticket (Germany Ticket) from EUR 58 to EUR 63. On a monthly basis, consumer prices edged up 0.1% after stagnating in December. The core inflation rate, which excludes food and energy, ticked up to 2.5% from 2.4%. Meanwhile, the EU-harmonized CPI also increased slightly to 2.1% from 2.0%, confirming earlier estimates.
Published on 2026-02-17

German Inflation Rises in January as Food Prices Jump
Germany’s annual inflation rate rose to 2.1% in January 2026, up from December’s 15-month low of 1.8% and slightly above market expectations of 2.0%, according to a preliminary estimate. The harmonized index of consumer prices (HICP), the measure closely watched by the ECB, also increased to 2.1%, leaving both readings near the central bank’s 2% target. Goods inflation accelerated to 1.0% from 0.4%, largely reflecting a sharp rise in food prices (2.1% vs 0.8%). This came despite a deeper decline in energy costs (-1.7% vs -1.3%). Meanwhile, services inflation eased to 3.2% from 3.5%, offering some relief on underlying price pressures. Core inflation, which strips out food and energy, ticked up to 2.5% from 2.4%, after hitting its lowest level in more than four years in December.
Published on 2026-01-30

German Inflation Rises in January as Food Prices Jump
Germany’s annual inflation rate rose to 2.1% in January 2026, up from December’s 15-month low of 1.8% and slightly above market expectations of 2.0%, according to a preliminary estimate. The harmonized index of consumer prices (HICP), the measure closely watched by the ECB, also increased to 2.1%, leaving both readings near the central bank’s 2% target. Goods inflation accelerated to 1.0% from 0.4%, largely reflecting a sharp rise in food prices (2.1% vs 0.8%). This came despite a deeper decline in energy costs (-1.7% vs -1.3%). Meanwhile, services inflation eased to 3.2% from 3.5%, offering some relief on underlying price pressures. Core inflation, which strips out food and energy, ticked up to 2.5% from 2.4%, after hitting its lowest level in more than four years in December.
Published on 2026-01-30

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate dropped to 1.8% in December 2025, matching preliminary estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the second-lowest inflation rate since early 2021. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs. 1.2%) and a deeper decline in energy prices (-1.3% vs. -0.1%), led by lower prices for heating oil (-5.3%) and electricity (-2.2%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (8.7%).
Published on 2026-01-16

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate fell to 1.8% in December 2025, matching flash estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the lowest inflation rate in 15 months. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs 1.2%) and a deeper decline in energy prices (-1.3% vs -0.1%), led by lower prices for heating oil (-3.6%) and electricity (-1.8%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (7.7%). Core inflation, which excludes volatile food and energy prices, fell to 2.4%, its lowest level since June 2021. Meanwhile, the EU-harmonized CPI eased to 2.0% in December, its lowest level since July. For the full year 2025, national inflation averaged 2.2%, while harmonized inflation averaged 2.3%.
Published on 2026-01-16

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate dropped to 1.8% in December 2025, matching preliminary estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the second-lowest inflation rate since early 2021. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs. 1.2%) and a deeper decline in energy prices (-1.3% vs. -0.1%), led by lower prices for heating oil (-5.3%) and electricity (-2.2%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (8.7%). Core inflation, which excludes volatile food and energy prices, fell to 2.4%, its lowest level since June 2021. Meanwhile, the EU-harmonized CPI eased to 2.0% in December, its lowest level since July.
Published on 2026-01-16

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate dropped to 1.8% in December 2025, matching preliminary estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the second-lowest inflation rate since early 2021. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs. 1.2%) and a deeper decline in energy prices (-1.3% vs. -0.1%), led by lower prices for heating oil (-5.3%) and electricity (-2.2%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (8.7%).
Published on 2026-01-16

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate fell to 1.8% in December 2025, matching flash estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the 2nd-lowest inflation rate since early 2021. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs 1.2%) and a deeper decline in energy prices (-1.3% vs -0.1%), led by lower prices for heating oil (-5.3%) and electricity (-2.2%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (8.7%). Core inflation, which excludes volatile food and energy prices, fell to 2.4%, its lowest level since June 2021. Meanwhile, the EU-harmonized CPI eased to 2.0% in December, its lowest level since July. For the full year 2025, national inflation averaged 2.2%, while harmonized inflation averaged 2.3%.
Published on 2026-01-16

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate fell to 1.8% in December 2025, matching flash estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the lowest inflation rate in 15 months. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs 1.2%) and a deeper decline in energy prices (-1.3% vs -0.1%), led by lower prices for heating oil (-3.6%) and electricity (-1.8%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (7.7%). Core inflation, which excludes volatile food and energy prices, fell to 2.4%, its lowest level since June 2021. Meanwhile, the EU-harmonized CPI eased to 2.0% in December, its lowest level since July. For the full year 2025, national inflation averaged 2.2%, while harmonized inflation averaged 2.3%.
Published on 2026-01-16

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate fell to 1.8% in December 2025, matching flash estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the lowest inflation rate since September 2024. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs 1.2%) and a deeper decline in energy prices (-1.3% vs -0.1%), led by lower prices for heating oil (-3.6%) and electricity (-1.8%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (8.7%). Core inflation, which excludes volatile food and energy prices, fell to 2.4%, its lowest level since June 2021. Meanwhile, the EU-harmonized CPI eased to 2.0% in December, its lowest level since July. For the full year 2025, national inflation averaged 2.2%, while harmonized inflation averaged 2.3%.
Published on 2026-01-16

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate fell to 1.8% in December 2025, matching flash estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the lowest inflation rate in 15 months. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs 1.2%) and a deeper decline in energy prices (-1.3% vs -0.1%), led by lower prices for heating oil (-3.6%) and electricity (-1.8%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (7.7%). Core inflation, which excludes volatile food and energy prices, fell to 2.4%, its lowest level since June 2021. Meanwhile, the EU-harmonized CPI eased to 2.0% in December, its lowest level since July. For the full year 2025, national inflation averaged 2.2%, while harmonized inflation averaged 2.3%.
Published on 2026-01-16

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate dropped to 1.8% in December 2025, matching preliminary estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the second-lowest inflation rate since early 2021. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs. 1.2%) and a deeper decline in energy prices (-1.3% vs. -0.1%), led by lower prices for heating oil (-5.3%) and electricity (-2.2%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (8.7%). Meanwhile, the EU-harmonized CPI eased to 2.0% in December, its lowest level since July.
Published on 2026-01-16

German Inflation Confirmed at 1.8% in December
Germany’s annual inflation rate fell to 1.8% in December 2025, matching flash estimates and down from 2.3% in November. The reading fell below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the lowest inflation rate since September 2024. Goods inflation eased sharply, slowing to 0.4% from 1.1% in November, due to softer increases in food prices (0.8% vs 1.2%) and a deeper decline in energy prices (-1.3% vs -0.1%), led by lower prices for heating oil (-3.6%) and electricity (-1.8%). In contrast, services inflation remained elevated and unchanged at 3.5%, driven by sharp increases in passenger transport (11.4%) and social services (7.7%). Core inflation, which excludes volatile food and energy prices, fell to 2.4%, its lowest level since June 2021. Meanwhile, the EU-harmonized CPI eased to 2.0% in December, its lowest level since July. For the full year 2025, national inflation averaged 2.2%, while harmonized inflation averaged 2.3%.
Published on 2026-01-16

Germany Inflation Slips Below ECB Target
Germany’s annual inflation rate fell to 1.8% in December 2025, down from 2.3% in November and below market expectations of 2.0%, according to preliminary data. The reading dropped below the European Central Bank’s 2% target midpoint for the first time since September 2024, marking the second-lowest inflation rate since early 2021. Goods inflation slowed sharply, easing to 0.4% from 1.1% in November, reflecting softer food price growth (0.8% vs. 1.2%) and a deeper decline in energy prices (-1.3% vs. -0.1%). In contrast, services inflation remained stubbornly elevated and unchanged at 3.5%. Core inflation, which excludes volatile food and energy prices, fell to 2.4%, its lowest level since June 2021. For the full year 2025, inflation averaged 2.2%.
Published on 2026-01-06