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Main driver of German inflation in H1 2025?
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Economic analysis reports from German Federal Statistical Office (Destatis) and major financial news outlets
Story
German Inflation Hits 2.9% in December, Highest Since January 2024
Jan 6, 2025, 01:00 PM
German inflation accelerated more than expected in December 2024, with preliminary data showing the Consumer Price Index (CPI) rising to 2.6% year-on-year, above the forecast of 2.4% and up from 2.2% in November. The Harmonized Index of Consumer Prices (HICP), used for comparison across the European Union, increased to 2.9% year-on-year, surpassing expectations of 2.6% and the previous month's 2.4%. On a monthly basis, the CPI rose by 0.4%, and the HICP increased by 0.7%, both higher than forecasts. The inflation rate is now at its highest since January 2024. According to the Federal Statistical Office (Destatis), the average annual inflation rate for 2024 is expected to be 2.2%. Experts believe that price pressures will remain elevated.
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