German CPI Inflation Dropped to 1.1% in December

December 30, 2008

Consumer prices rose 1.1% between December 2007 and December 2008, down from 12-month increases of 1.4% in November, 2.4% in October, 2.9% in September and a 2008 high of 3.3% in June and July. Inflation had not been lower than 1.1% since April-July 2003. The seasonally adjusted CPI slid for a third straight time on a monthly basis, dipping 0.3% in December and falling at a 1.3% annualized pace over the five final months of this year. German inflation averaged 1.8% per annum over the ten years between December 1998 and December 2008, which coincides with the first decade of euro usage. Inflation in Euroland, which fell in half from 4.0% in July to 2.1% in November, is expected to be consistent in December with the ECB target of below but close to 2.0%.

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