Germany’s CPI inflation was confirmed at 0.1% MoM and 2.1% YoY in May 2025, unchanged from April, as falling energy prices continued to offset gains in food and services.

• Core inflation (ex food and energy) was 2.8% YoY, above headline for the 13th consecutive month.
• HICP inflation was confirmed at 0.2% MoM and 2.1% YoY.
• Energy prices fell -4.6% YoY, with motor fuels down -6.8% and heating oil down -9.5%.
• Food inflation remained elevated at 2.8% YoY, led by fruit (+7.4%) and confectionery (+6.6%), despite some deflation in vegetables (-0.2% YoY).
• Services inflation rose 3.4% YoY, with strong gains in transport (+11.4%) and insurance (+9.4%); rents rose 2.1%.