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02.04.2024

Germany’s annual CPI rises 2.2 per cent in March

Germany's Federal Statistical Office (Destatis) announced on Tuesday the country’s consumer price index (CPI) is estimated to rise 0.4 per cent m-o-m in March, the same pace in February. That would mark the fourth straight monthly gain in the index. 

On a y-o-y basis, Germany’s CPI is forecast to climb 2.2 per cent in March, following a 2.5 per cent surge in the previous month. That would represent the weakest annual increase since May 2021 (+2.2 per cent). 

Economists had predicted CPI would soar by 0.6 per cent m-o-m and by 2.2 per cent y-o-y in March.

According to the report, energy prices plunged by 2.7 per cent y-o-y this month, following a decline of 2.4 per cent y-o-y in February. In addition, food prices decreased by 0.7 per cent y-o-y after a rise of 0.9 per cent y-o-y in the previous month. Meanwhile, the costs of the services climbed by 3.4 per cent y-o-y, hastening from 3.7 per cent y-o-y in the previous month.

The harmonized index of consumer prices for Germany (HICP), which is calculated for European purposes, is estimated to surge by 0.6 per cent m-o-m and by 2.3 per cent y-o-y (the least since November 2023). Economists had foreseen increases of 0.7 per cent m-o-m and 2.4 per cent y-o-y for March. In February, the German HICP soared by 0.6 per cent m-o-m and 2.7 per cent y-o-y.

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