Press release No. 051 of 9 February 2024
Consumer price index, January 2024
+2.9% on the same month a year earlier (provisional result confirmed)
+0.2% on the previous month (provisional result confirmed)
Harmonised index of consumer prices, January 2024
+3.1% on the same month a year earlier (provisional result confirmed)
-0.2% 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 +2.9% in January 2024. The inflation rate was +3.7% in December 2023 and +3.2% in November 2023. The last time inflation was lower than in January 2024 was in June 2021, when it stood at +2.4%. "The rate of inflation slowed at the beginning of the year," says Ruth Brand, President of the Federal Statistical Office. She adds: "The price situation for energy products is noticeably easing and the increase in food prices continues to slow. It is still above the overall rate of inflation, however". The Federal Statistical Office (Destatis) also reports that consumer prices in January 2024 rose by 0.2% on December 2023.
Energy product prices fell by 2.8% compared with January 2023
Despite the discontinuation of the brake on energy price and the raising of the price of carbon from 30 to 45 euros per tonne - which affects the price of fossil fuels - energy price in January 2024 were 2.8% lower than in the same month a year earlier. This had a dampening effect on the rate of inflation.
From January 2023 to January 2024, prices of household energy fell by 3.4%. Motor fuel prices also dropped by 2.0% in the same period. Compared with the same month of the preceding year, consumers benefitted from lower prices for solid fuels (-13.9%), heating oil (-9.3%), electricity (-6.8%) and natural gas (-6.2%). By contrast, district heating was 13.3% more expensive in January 2024 than a year earlier.
Food prices up 3.8% on January 2023
Food prices were up 3.8% in January 2024 compared with the same month of the previous year. While the increase in food prices has slowed since April 2023 (December 2023: +4.6%; November 2023: +5.5%; October 2023: +6.1%), it still exceeds overall inflation. In particular, the price of sugar, jam, honey and other confectionery rose in the period from January 2023 to January 2024 (+10.7%). Consumers also had to pay markedly more for fruit (+10.2%) and vegetables (+8.0%) and for bread and cereals (+5.4%). On the other hand, dairy products (-4.6%) and edible fats and oils (-9.1%) cost less than a year ago. In some cases, contrary price trends could be observed: for example, while there was a substantial decline in the prices of sunflower oil, rapeseed oil and the like (-21.6%) and in butter: prices (-17.5%), there was a sharp increase in olive oil prices (+46.0%).
Inflation rate excluding food and energy at +3.4%
Excluding energy prices, the inflation rate stood at +3.5% in January 2024. When food and energy prices are excluded, the inflation rate was +3.4%. These rates also demonstrate that inflation remains high in other product groups and exceeds overall inflation. The year-on-year change in the consumer price index excluding food and energy, which is often referred to as core inflation, slowed slightly and has been below the four percent mark since November 2023.
Goods prices up 2.3% on January 2023
Goods prices (total) increased by 2.3% in the period from January 2023 to January 2024, with the prices of both non-durable consumer goods and durable consumer goods rising by 2.3%. In addition to food, above-average price increases were also observed for non-alcoholic beverages (+7.4%) and alcoholic beverages and tobacco (+6.2%).
Service prices up 3.4% year on year
The prices of services (total) were up 3.4% in January 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 in January 2024, too. A particular price drop was observed for combined tickets for rail, bus and the like (-23.3% compared with January 2023). Net rents exclusive of heating expenses also had a dampening effect (+2.1%) and continued to be a significant contributor to the development of service prices. The prices of a number of other services increased above average, however, and therefore drove inflation up, for instance the prices for the maintenance and repair of dwellings (+7.8%), services of social facilities (+7.4%) and catering services in restaurants, cafés and the like (+6.6%).
Prices of package holidays, clothing and footwear declined substantially month on month
Compared with December 2023, the consumer price index rose by 0.2% in January 2024. Price increases were recorded for catering services in restaurants, cafés and the like (+2.2%), one of the causes being the end of the temporary reduction of VAT on the food sold. Food prices (total) rose by 0.8% month on month. A particular increase was recorded in the prices of fresh vegetables (+5.8%). The prices of energy (total) rose somewhat more (+1.2%) in January 2024 month on month. Price increases were recorded for products such as natural gas (+2.3%) and motor fuels (+1.0%), but there also were price decreases for heating oil (-1.5%) and electricity (-0.8%). Considerable seasonal price drops were observed for package holidays (-15.8%), clothing (-5.9%) and footwear (-3.5%).
Methodological notes:
The Germany ticket has been taken into account in the consumer price index since the start of May 2023. It resulted in price reductions in public regional and local passenger transport in May 2023. The Germany ticket had a downward effect on the development of prices especially in the services product group in January 2024, too. The current results are also impacted by other measures of the Federal Government's third relief package, which are aimed in particular at containing the increase in energy prices. An overview explaining the different relief measures 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 | 117.6 | 2.9 | 0.2 |
| Food and non-alcoholic-beverages | 119.04 | 132.3 | 4.2 | 0.8 |
| Food | 104.69 | 133.3 | 3.8 | 0.8 |
| Meat and meat products | 22.16 | 128.8 | 3.0 | 0.3 |
| Fruit | 11.62 | 120.6 | 10.2 | 0.2 |
| Vegetables | 13.72 | 136.2 | 8.0 | 4.2 |
| Alcoholic beverages and tobacco | 35.26 | 120.0 | 6.2 | 0.9 |
| Clothing and footwear | 42.25 | 103.6 | 3.0 | -5.2 |
| Housing, water, electricity, gas and other fuels | 259.25 | 115.2 | 1.1 | 0.7 |
| Actual net rent exclusive of heating expenses | 68.30 | 106.7 | 2.2 | 0.4 |
| Imputed net rent exclusive of heating expenses | 104.13 | 105.8 | 1.9 | 0.3 |
| Household energy | 43.44 | 151.8 | -3.4 | 1.4 |
| Electricity | 24.50 | 129.4 | -6.8 | -0.8 |
| Gas 1 | 6.07 | 188.6 | -6.2 | 2.3 |
| Healting oil 1 | 1.70 | 208.8 | -9.3 | -1.5 |
| Furniture, lighting equipment, appliances and other household equipment | 67.78 | 118.5 | 2.5 | 0.0 |
| Health | 55.49 | 106.8 | 2.8 | 1.2 |
| Transport | 138.22 | 122.6 | 1.1 | -1.0 |
| Motor fuels | 30.46 | 141.7 | -2.0 | 1.0 |
| Supergrade petrol | 23.19 | 138.1 | -0.4 | 1.1 |
| Diesel fuel | 6.92 | 151.8 | -6.7 | 0.5 |
| Communication | 23.35 | 99.9 | 0.5 | -0.1 |
| Recreation and culture | 104.23 | 112.3 | 2.7 | -1.9 |
| Package holidays | 13.22 | 104.5 | 7.2 | -15.8 |
| Education | 9.06 | 112.8 | 4.7 | 1.9 |
| Restaurant and accommodation services | 47.20 | 123.4 | 6.3 | 1.9 |
| Miscellaneous goods and services | 98.87 | 116.8 | 5.9 | 1.9 |
| Overall index, excluding food and energy 2 | 821.41 | 112.9 | 3.4 | 0.0 |
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 January 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.
