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German Inflation Unexpectedly Slows in June
Germany’s consumer price inflation eased to 2.3% year-over-year in June 2026, down from 2.6% in May and slightly below market expectations of 2.6%, according to preliminary data. This is the lowest rate since February, prior to the Iran war disrupting energy supplies and driving oil prices higher. Goods inflation fell to 1.7% from 2.2%, driven by easing energy price pressures (3.4% vs. 6.6%). Food inflation and services inflation remained steady at 0.4% and 3.1%, respectively, while core inflation, excluding food and energy, held at 2.5%. The EU-harmonized annual inflation rate also slowed to 2.4% from 2.7%, below expectations of 2.6% but still slightly above the ECB’s 2% target.
Published on 2026-06-30

German Inflation Unexpectedly Slows in June
Germany’s consumer price inflation eased to 2.3% year-over-year in June 2026, down from 2.6% in May and slightly below market expectations of 2.6%, according to preliminary data. This marks a further decline from the over two-year high of 2.9% recorded in April, as goods inflation fell to 1.7% from 2.2%, driven by easing energy price pressures (3.4% vs. 6.6%). Food inflation and services inflation remained steady at 0.4% and 3.1%, respectively, while core inflation, excluding food and energy, held at 2.5%. The EU-harmonized annual inflation rate also slowed to 2.4% from 2.7%, below expectations of 2.6% but still slightly above the ECB’s 2% target.
Published on 2026-06-30

German Inflation Unexpectedly Slows in June
Germany’s consumer price inflation eased to 2.3% year-over-year in June 2026, down from 2.6% in May and slightly below market expectations of 2.6%, according to preliminary data. This is the lowest rate since February, prior to the Iran war disrupting energy supplies and driving oil prices higher. Goods inflation fell to 1.7% from 2.2%, driven by easing energy price pressures (3.4% vs. 6.6%). Food inflation and services inflation remained steady at 0.4% and 3.1%, respectively, while core inflation, excluding food and energy, held at 2.5%. The EU-harmonized annual inflation rate also slowed to 2.4% from 2.7%, below expectations of 2.6% but still slightly above the ECB’s 2% target.
Published on 2026-06-30

Germany Inflation Confirmed at 2.6% in May
Germany’s annual inflation rate rose 2.6% in May 2026, easing from a two-year high of 2.9% in the previous month and confirming preliminary estimates. Price growth moderated across several categories, including food and non-alcoholic beverages (0.7% vs. 1.5% in April), alcoholic beverages and tobacco (3.8% vs. 4.3%), housing and utilities (1.4% vs. 1.6%), and restaurants and hotels (2.7% vs. 3.4%). In contrast, energy prices remained elevated, rising 6.6% amid the US-Iran war, although the increase eased from 10.1% in the previous month due to the temporary reduction of the energy tax on gasoline and diesel. Additionally, inflation accelerated in health (2.3% vs. 2.0%) and recreation and culture (2.1% vs. 1.1%). On a monthly basis, consumer prices fell 0.2% in May, following a 0.6% increase in the previous month, in line with preliminary estimates. Meanwhile, the annual HICP edged down to 2.7% from 2.9% in April, remaining well above the European Central Bank’s 2% target.
Published on 2026-06-12

Germany’s Inflation Eases to 2.6% in May
Germany’s consumer price inflation slowed to 2.6% year-over-year in May 2026, down from an over two-year high of 2.9% in April and slightly below market expectations, according to preliminary data. Despite the decline, inflation remains above the ECB’s 2% target. Goods inflation fell to 2.2% from 2.9%, driven by easing energy (6.6% vs. 10.1%) and food (0.4% vs. 1.2%) price pressures. However, services inflation accelerated to 3.1%, rebounding from a three-and-a-half-year low of 2.8% in April. Core inflation, excluding food and energy, rose to 2.5%, up from a five-year low. Meanwhile, the EU-harmonized annual inflation rate also eased to 2.7% from 2.9%.
Published on 2026-05-29

Germany’s Inflation Eases to 2.6% in May
Germany’s consumer price inflation slowed to 2.6% year-over-year in May 2026, down from an over two-year high of 2.9% in April and slightly below market expectations, according to preliminary data. Despite the decline, inflation remains above the ECB’s 2% target. Goods inflation fell to 2.2% from 2.9%, driven by easing energy (6.6% vs. 10.1%) and food (0.4% vs. 1.2%) price pressures. However, services inflation accelerated to 3.1%, rebounding from a three-and-a-half-year low of 2.8% in April. Core inflation, excluding food and energy, rose to 2.5%, up from a five-year low. Meanwhile, the EU-harmonized annual inflation rate also eased to 2.7% from 2.9%.
Published on 2026-05-29

Germany’s Inflation Eases to 2.6% in May
Germany’s consumer price inflation slowed to 2.6% year-over-year in May 2026, down from an over two-year high of 2.9% in April and slightly below market expectations, according to preliminary data. Despite the decline, inflation remains above the ECB’s 2% target. Goods inflation fell to 2.2% from 2.9%, driven by easing energy (6.6% vs. 10.1%) and food (0.4% vs. 1.2%) price pressures. However, services inflation accelerated to 3.1%, rebounding from a three-and-a-half-year low of 2.8% in April. Core inflation, excluding food and energy, rose to 2.5%, up from a five-year low. Meanwhile, the EU-harmonized annual inflation rate also eased to 2.7% from 2.9%.
Published on 2026-05-29

Germany April Inflation Confirmed at 2.9%
Germany’s annual inflation rate accelerated to 2.9% in April 2026, confirming preliminary estimates and rising from 2.7% in March, marking the highest reading since January 2024. The increase was largely driven by another sharp rise in energy prices, which surged 10.1% amid higher crude oil prices linked to the ongoing Iran war. Motor fuel costs jumped 26.2%, while heating oil prices soared 55.1%. Food inflation also picked up to 1.2% from 0.9%, while goods inflation accelerated to 2.9% from 2.3%. In contrast, services inflation eased to 2.8% from 3.2%. Core inflation, which excludes food and energy, held steady at 2.3%. On a monthly basis, consumer prices rose 0.6% in April, matching preliminary estimates, as energy prices increased 2.1%. Meanwhile, the annual HICP inflation rate edged up to 2.9% from 2.8% in March, also reaching its highest level since January 2024, and well above the European Central Bank’s 2% target.
Published on 2026-05-12

Germany April Inflation Confirmed at 2.9%
Germany’s annual inflation rate accelerated to 2.9% in April 2026, confirming preliminary estimates and rising from 2.7% in March, marking the highest reading since January 2024. The increase was largely driven by another sharp rise in energy prices, which surged 10.1% amid higher crude oil prices linked to the ongoing Iran war. Motor fuel costs jumped 26.2%, while heating oil prices soared 55.1%. Food inflation also picked up to 1.2% from 0.9%, while goods inflation accelerated to 2.9% from 2.3%. In contrast, services inflation eased to 2.8% from 3.2%. Core inflation, which excludes food and energy, held steady at 2.3%. On a monthly basis, consumer prices rose 0.6% in April, matching preliminary estimates, as energy prices increased 2.1%. Meanwhile, the annual HICP inflation rate edged up to 2.9% from 2.8% in March, also reaching its highest level since January 2024.
Published on 2026-05-12

German Inflation Accelerates to 2.9% in April
Germany’s consumer price inflation rose to 2.9% year-over-year in April 2026, up from 2.7% in March and slightly below market expectations of 3%, according to preliminary data. This marks the highest rate since January 2024, primarily driven by a 10.1% surge in energy prices linked to the Iran war. Food inflation also ticked up to 1.2% from 0.9%, while services inflation eased to 2.8% from 3.2%. The core inflation rate, excluding food and energy, fell to 2.3%, its lowest level since June 2021. Meanwhile, the EU-harmonized annual inflation rate increased to 2.9%, the highest since January 2024 and well above the European Central Bank’s 2% target.
Published on 2026-04-29

German Inflation Rate Confirmed at Over 2-Year High
Germany’s annual inflation rate climbed to 2.7% in march 2026, confirming preliminary estimates and accelerating from 1.9% in February. It marked the highest level since January 2024, largely driven by a sharp rebound in energy prices, which climbed 7.2% amid surging fuel (20%) and light heating oil (44.4%) costs. The spike reflects ongoing pressures linked to the prolonged Middle East conflict and developments in global crude oil markets. Goods inflation picked up to 2.3%, supported by higher prices for consumer goods (3.4%) and durable goods (0.5%). Food price growth eased to 0.9% from 1.1%, as a steep decline in fats and oils (-17.6%) offset notable increases in sugar, jam, honey, and confectionery (6.1%). Services inflation strengthened to 3.2%, with significant rises in social services (7%) and combined passenger transport (6.2%). Meanwhile, core inflation edged down to 2.3% from 2.5%. On a monthly basis, CPI climbed 1.1% from 0.2% in February, in line with initial estimates.
Published on 2026-04-10

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