German HICP Inflation Highest Since October 2018

Germany’s harmonized inflation accelerated for a third month in a row to its highest level in nearly three years and remained above the European Central Bank’s target of ‘below, but close to 2 percent’ in May, final data from Destatis confirmed on Monday.

The harmonized index of consumer prices rose 2.4 percent year-on-year in May, which was faster than the 2.1 percent increase in April. The rate was the highest since October 2018, when it was 2.6 percent. The consumer price index rose 2.5 percent annually after a 2.0 percent increase in April. Headline inflation accelerated for a fifth month in a row and was the highest since September 2011, Destatis said.

Energy product prices rose 10.0 percent after a 7.9 percent gain in the previous month. Excluding energy prices, inflation was 1.8 percent in May. Food price inflation slowed to 1.5 percent from 1.9 percent. Service costs rose 2.2 percent. On a monthly basis, the harmonized index of consumer prices gained 0.3 percent in May. The CPI rose 0.5 percent.

All flash estimates were confirmed.

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