Germany's inflation continues to decline, expected at 6.1% in May 2023

02 Jun '23

1 min read

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Insights

The inflation rate in Germany is anticipated to decline to 6.1 per cent in May 2023, continuing a downward trend from 8.7 per cent in February, 7.4 per cent in March, and 7.2 per cent in April 2023.
Meanwhile, consumer prices are predicted to fall by 0.1 per cent from April 2023.
Notably, the YoY energy price increase in May is lower at 2.6 per cent.

The inflation rate in Germany is expected to be 6.1 per cent in May 2023. The inflation rate therefore continued to fall in May 2023; the rate was 7.2 per cent for April 2023, 7.4 per cent for March 2023, and 8.7 per cent for February 2023.

Consumer prices in the country are expected to decline by 0.1 per cent on April 2023, the Federal Statistical Office (Destatis) said in a press release.

At 2.6 per cent, the year-on-year (YoY) increase in energy prices in May 2023 was, however, lower than the change rate of the overall index. There is a base effect as the index level was high in May 2022 after energy prices had soared following the Russian attack on Ukraine.

In addition, the measures of the federal government’s third relief package, which are reflected in the consumer price index, contributed to the slowing of the energy price increase.

Fibre2Fashion News Desk (NB)

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