Press release No. 094 of 12 March 2024
Consumer price index, February 2024
+2.5% on the same month a year earlier (provisional result confirmed)
+0.4% on the previous month (provisional result confirmed)
Harmonised index of consumer prices, February 2024
+2.7% on the same month a year earlier (provisional result confirmed)
+0.6% on the previous month (provisional result confirmed)
WIESBADEN − The inflation rate in Germany, measured as the year-on-year change in the consumer price index (CPI), stood at +2.5% in February 2024. The inflation rate was +2.9% in January 2024, and +3.7% in December 2023. The last time inflation was lower than in February 2024 was in June 2021, when it stood at +2.4%. "The rate of inflation has continued to slow," says Ruth Brand, President of the Federal Statistical Office. She adds: "The price situation for energy products continues to ease. The increase in food prices has slowed markedly and is now below the overall inflation rate for the first time in more than two years." The Federal Statistical Office (Destatis) also reports that consumer prices in February 2024 rose by 0.4% on January 2024.
Energy product prices fell by 2.4% compared with February 2023
Energy prices in February 2024 were 2.4% lower than in the same month a year earlier despite the discontinuation of the brake on energy prices as of January 2024 and the introduction of a higher carbon price also from January 2024, which affects the price of fossil fuels such as motor fuels, heating oil and natural gas. The decrease in energy prices therefore continued to have a downward effect on the inflation rate. The decline in energy prices in the period from January 2023 to January 2024 had been slightly stronger (-2.8%).
From February 2023 to February 2024, prices of household energy fell by 3.6%. Compared with the same month of the preceding year, consumers mainly benefitted from lower prices for firewood, wood pellets and other solid fuels (-11.2%), but also for electricity (-7.9%) and natural gas (-7.5%). Motor fuel prices dropped by 0.4% in the same period. By contrast, the prices of some energy products were higher than a year earlier, for example, heating oil (+2.2%) and in particular district heating (+21.7%).
Small increase of 0.9% in food prices compared with February 2023
Food prices were up 0.9% in February 2024 compared with the same month a year earlier. The increase in food prices has slowed since April 2023 (January 2024: +3.8%; December 2023: +4.6%; November 2023: +5.5%). In February 2024, it was lower than the overall inflation rate for the first time since November 2021. In particular, the prices of fresh vegetables (-10.6%) and dairy products (-5.1%) declined in the period from February 2023 to February 2024. The prices of edible fats and oils decreased slightly from the previous year (-0.9%). However, when considered in detail, the prices of sunflower oil, rapeseed oil and the like declined substantially (-21.0%), whereas olive oil prices saw a steep hike (+50.8%). By contrast, sugar, jam, honey and other confectionery were markedly more expensive (+9.9%). The price increases for fruit (+5.7%), bread and cereals (+3.5%) were also higher than the overall inflation rate in February 2024.
Inflation rate excluding food and energy at +3.4%
Excluding energy prices, the inflation rate stood at +3.1% in February 2024. When food and energy prices are excluded, the inflation rate was +3.4%. These rates also demonstrate that total inflation in other product groups exceeded the overall inflation rate. The year-on-year change in the consumer price index excluding food and energy, which is often referred to as core inflation, also stood at +3.4% in January 2024.
Below-average rise in goods prices of 1.8% on February 2023
Goods prices (total) increased by 1.8% in the period from February 2023 to February 2024 and therefore were lower than overall inflation. The prices of non-durable consumer goods and durable consumer goods rose by 1.3% and 2.6%, respectively. Some goods registered above-average price increases, such as used cars (+8.7%), non-alcoholic beverages (+7.2%) and alcoholic beverages and tobacco (+6.1%). By contrast, lower prices were observed, for example, for mobile phones (-5.2%) and information processing equipment (-4.1%).
Service prices up 3.4% year on year
The prices of services (total) were up 3.4% in February 2024 on the same month of the previous year. The Germany ticket, which has been available since May 2023, had a dampening effect on the increase in service prices also in February 2024. Consumers had to pay less in particular for the combined tickets for rail, bus and the like (-23.3% compared with February 2023). Another major factor contributing to the development of service prices was the 2.0% increase in net rents exclusive of heating expenses. The prices of a number of other services increased above average, however, especially those of insurance services (+9.8%), services of social facilities (+7.2%) and maintenance and repair of vehicles (+7.1%).
Prices of package holidays and clothing up month on month
Compared with January 2024, the consumer price index rose by 0.4% in February 2024. Package holidays (+9.0%) and clothing (+3.2%), for instance, cost more than in the previous month. The prices of energy (total) were up 0.5% from the previous month, with higher prices being observed in particular for mineral oil products (+1.9%, of which heating oil: +3.2%; motor fuels: +1.8%). By contrast, slightly lower prices were recorded for natural gas (-0.8%) and electricity (-0.6%), for example. Food prices (total) were also down (-0.5%). A particular decrease was recorded in the prices of fresh vegetables (-4.0%).
Methodological notes:
An overview explaining the different measures of the Federal Government and their impact on the consumer price index is available on the website of the Federal Statistical Office.
The consumer price index (CPI) and the harmonised index of consumer prices (HICP) differ in coverage and methodology. In contrast to the HICP, the CPI also includes household expenditure on owner-occupied housing, games of chance and broadcasting fees. In addition, the HICP product weights are updated annually. As the weight of housing is much smaller in the HICP basket, price increases in other product groups have a larger impact on the HICP than on the CPI. These differences (coverage, methodology and weighting) explain the differences between the CPI and the HICP for Germany. Explanatory notes and a methodological paper which discusses this issue are provided on the website of the Federal Statistical Office.
Inflation Calculator for personal rate of inflation:
Consumers can use the Personal Inflation Calculator of the Federal Statistical Office to adapt their monthly consumption expenditure on individual product groups according to their own consumption patterns and to calculate their personal inflation rate. In addition, the Price Kaleidoscope gives an overview of the price trend and the weights of various products.
Overall index / subindex | Weighting | Index 2020=100 | Change on same period of previous year | Change on the previous month |
|---|---|---|---|---|
in per mill | % | |||
| Overall index | 1,000.00 | 118.1 | 2.5 | 0.4 |
| Food and non-alcoholic-beverages | 119.04 | 132.0 | 1.6 | -0.2 |
| Food | 104.69 | 132.7 | 0.9 | -0.5 |
| Meat and meat products | 22.16 | 129.0 | 2.9 | 0.2 |
| Fruit | 11.62 | 118.8 | 5.7 | -1.5 |
| Vegetables | 13.72 | 132.1 | -6.8 | -3.0 |
| Alcoholic beverages and tobacco | 35.26 | 120.6 | 6.1 | 0.5 |
| Clothing and footwear | 42.25 | 106.4 | 4.6 | 2.7 |
| Housing, water, electricity, gas and other fuels | 259.25 | 115.3 | 1.1 | 0.1 |
| Actual net rent exclusive of heating expenses | 68.30 | 106.9 | 2.2 | 0.2 |
| Imputed net rent exclusive of heating expenses | 104.13 | 106.0 | 1.9 | 0.2 |
| Household energy | 43.44 | 151.2 | -3.6 | -0.4 |
| Electricity | 24.50 | 128.6 | -7.9 | -0.6 |
| Gas 1 | 6.07 | 187.0 | -7.5 | -0.8 |
| Healting oil 1 | 1.70 | 215.4 | 2.2 | 3.2 |
| Furniture, lighting equipment, appliances and other household equipment | 67.78 | 118.4 | 1.7 | -0.1 |
| Health | 55.49 | 107.3 | 3.0 | 0.5 |
| Transport | 138.22 | 123.7 | 1.6 | 0.9 |
| Motor fuels | 30.46 | 144.2 | -0.4 | 1.8 |
| Supergrade petrol | 23.19 | 140.1 | -0.4 | 1.4 |
| Diesel fuel | 6.92 | 156.1 | -0.5 | 2.8 |
| Communication | 23.35 | 99.9 | 0.6 | 0.0 |
| Recreation and culture | 104.23 | 113.8 | 2.7 | 1.3 |
| Package holidays | 13.22 | 113.9 | 6.5 | 9.0 |
| Education | 9.06 | 112.9 | 4.5 | 0.1 |
| Restaurant and accommodation services | 47.20 | 124.2 | 6.2 | 0.6 |
| Miscellaneous goods and services | 98.87 | 117.2 | 5.6 | 0.3 |
| Overall index, excluding food and energy 2 | 821.41 | 113.5 | 3.4 | 0.5 |
More information:
Detailed results can be found in the tables on the consumer price index (61111-0004) and (61111-0006) and on the harmonised index of consumer prices (61121-0002) and (61121-0006) in the GENESIS-Online database. Special items shown in Tables (61111-0006) and (61121-0006) contain CPI and HICP results which are used to measure "core inflation". The table "Verbraucherpreisindex – Preisentwicklung für Nahrungsmittel" (only in German)" provides information on changes in the prices of individual food products.
Eurostat, the Statistical Office of the European Union, has released provisional results on Euro area inflation for February 2024 (available on Eurostat’s website under News > Euro indicators).
Consumer price index results are also available on Dashboard Germany (www.dashboard-deutschland.de) (only in German). This data portal of the Federal Statistical Office combines up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, health and mobility. The portal also contains the Economic Pulse Monitor tool (Pulsmesser Wirtschaft) (only in German) for real-time economic monitoring.
