Inflation Germany 2023
Average inflation: 6.0%
Current Inflation
Inflation is very high at 6.0%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 8.7%. The lowest inflation was in November at 3.2%.
- Highest month
- January: 8.7%
- Lowest month
- November: 3.2%
- Difference
- 5.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 12.6%. The lowest price increase was in Communication with an average of 0.3%.
- Highest increase
- Food and non-alcoholic beverages: 12.6%
- Lowest increase
- Communication: 0.3%
Historical Context
Current inflation is 2.5% higher than the 5-year average of 3.5%.
- 5-year average
- 3.5%
- 10-year average
- 2.3%
- All-time high (2022)
- 6.9%
- All-time low (2020)
- 0.2%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -0.9 percentage point.
- Change vs. previous year
- -0.9 percentage points
- Largest monthly swing
- November: -5.6 percentage points
ECB Target
Inflation is 4.0% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €106.00 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.7% | +4.5 |
| February | 8.7% | +4.4 |
| March | 7.4% | +1.5 |
| April | 7.2% | +0.9 |
| May | 6.1% | -0.9 |
| June | 6.4% | -0.3 |
| July | 6.2% | -0.5 |
| August | 6.1% | -0.9 |
| September | 4.5% | -4.1 |
| October | 3.8% | -5.0 |
| November | 3.2% | -5.6 |
| December | 3.7% | -4.4 |
| Average | 6.0% |
Data source
Data from OECD. Last updated: 11/01/2026.