Towing in Germany affects the mood of consumers (photo: freepik, Aleksandarlittlewolf)
Wiesbaden – how crowned? In December, inflation in Germany was 2.6 percent as high as since January 2024. In late summer, the topic almost seemed to be done with rates under 2 percent. Today the Federal Statistical Office publishes the price trend for January. Economists expect stagnation: Another 2.6 percent inflation compared to the same month of the previous year.
The increasing costs for services heated also in December With plus 4.1 percent, inflation in Germany. In 2024, this area increased by 3.8 percent. Energy was reduced in December (minus 1.6 percent) as well as in the full year (minus 3.2 percent).
Core inflation is worried – comparison with the euro area
Furthermore, the core rate without energy and food is high, which gives more precise inflation at the base of the economy. In 2024 it was 3 percent and in December even rose to 3.1 percent. The cost of Essen increased by 1.9 percent in 2024 and 2.6 percent in December.
Important to know: For Germany, statisticians calculate 2 inflation values, in addition to the classic rate but also the harmonized consumer price index (HVPI), which is compatible with the EU values. The German inflation according to HVPI was 2.8 percent in December, that of the euro zone Only at 2.6 percent.
Towing at the company level – consumer climate worse
In the meantime, the inflation values ​​at the B2B level also attract something again-after months of the price returns. The Federal Statistical Office reported 2 percent inflation of the Import prices in December. The Producer prices rose by 0.8 percent Wholesale prices by 0.1 percent.
Bad economic situation and flare -up inflation have had the mood of consumers, their income expectations and acquisition tendency. The GfK consumer climate For February 2025, a decline of weak minus 21.4 is forecast to minus 22.4 points.
ECB has reduced interest – forecast: inflation in 2025
Inflation has cooled down in Germany since the height of 8.8 percent in October 2022-but has still been above the 2 percent goal. Overall, the inflation in Europe is on retreat, which is why the European Central Bank is again the Has reduced key interest rates.
In 2025 the economic outlook for Germany looks anything but rosy: this week the federal government has its own Growth forecast from 1.1 to 0.3 percent. The projection of the Ministry of Economic Affairs expects the inflation rate in 2025 at 2.2 percent.