The inflation rate in Germany is expected to be 2.5% in February 2024. This is the lowest level since June 2021 (+2.4%). The inflation rate is measured as the change in the consumer price index (CPI) compared with the same month a year earlier. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that consumer prices are expected to increase by 0.4% on January 2024. The inflation rate excluding food and energy, often referred to as core inflation, is expected to be 3.4%.
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Consumer price index, February 2024:
+2.5% on the same month a year earlier (provisional)
+0.4% on the previous month (provisional)
Harmonised index of consumer prices, February 2024:
+2.7% on the same month a year earlier (provisional)
+0.6% on the previous month (provisional)
Energy prices in February 2024 were 2.4% lower than in the same month a year earlier despite the discontinuation of the brake on energy prices as of January 2024 and the introduction of a higher carbon price also from January 2024, which affects the price of fossil fuels such as motor fuels, heating oil and natural gas. The increase in food prices (+0.9%) again slowed markedly compared with February 2023 and was lower than the overall inflation rate for the first time since November 2021.
Table: Destatis.
More information:
Federal Statistical Office (Destatis)
www.destatis.de