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Inflation in Germany
The euro weakened in the mid-2010s, influenced by the European sovereign debt crisis and monetary easing by the European Central Bank. However, it saw periods of strength, particularly as the US Federal Reserve pursued its own easing policies. In late 2022, the euro briefly hit parity with the dollar for the first time in two decades. Overall, over the last decade, the euro lost ground against the dollar, on the back of lower interest rates and weaker economic growth prospects than the U.S.
Harmonized consumer price inflation averaged 2.1% in the ten years to 2022. The 2022 average figure was 8.7%. For more inflation information, visit our dedicated page.
Germany Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Germany from 2014 to 2023.
Source: Macrobond.
Germany Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 1.4 | 0.4 | 3.2 | 8.7 | 6.0 |
| Inflation (HICP, ann. var. %, eop) | 1.5 | -0.7 | 5.7 | 9.6 | 3.8 |
| Inflation (PPI, ann. var. %, aop) | 1.1 | -0.9 | 9.6 | 29.8 | 0.3 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects German inflation projections for the next ten years from a panel of 38 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for German inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our German inflation projections.
Want to get access to the full dataset of German inflation forecasts? Send an email to info@focus-economics.com.
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