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Germany inflation expectations of households and firms, consumer sentiment

What Germans expect, from the surveys that ask them directly.

Source: Deutsche Bundesbank and Handelsverband Deutschland (HDE) / HRILast updated: Sep 15, 2026, 10:23Curated by Bui Thanh PhucAbout this data ↓

Indicator09-202608-202607-202606-202605-202604-202603-202602-202601-202612-202511-202510-202509-202508-202507-202506-202505-202504-202503-202502-202501-202512-202411-202410-202409-202408-202407-202406-202405-202404-202403-202402-202401-202412-202311-202310-202309-2023
Households: inflation expectations2
Median10
1 year Inflation HICP Germany total Monthly Winsorisierung at 2nd and 98th percentile3333332.52.52.52.52.52.52.52.52.52.5333332.82.52.53333333.54.54455.5
By age3
1 year Inflation HICP Germany age 16 to 39 Monthly Trimmed at -12%, +12%3333332.32.42.52.52.52.52.42.52.52.532.82.532.52.52.52.53333333.544455
1 year Inflation HICP Germany age 40 to 59 Monthly Trimmed at -12%, +12%3333332.52.52.52.52.62.52.52.52.52.5333332.82.52.53333333.54.244.555.5
1 year Inflation HICP Germany age 60 and older Monthly Trimmed at -12%, +12%32.933332.42.52.52.52.52.52.52.52.52.52.83332.92.82.22.533332.83344455.8
By education3
1 year Inflation HICP Germany university entrance or less Monthly Trimmed at -12%, +12%3333332.52.52.52.52.62.52.52.52.52.53333332.52.53333333.54.54455.1
1 year Inflation HICP Germany Bachelor Monthly Trimmed at -12%, +12%32.92.83332.52.32.52.52.52.52.52.52.52.3332.532.82.52.22.532.83333344455
1 year Inflation HICP Germany more then Bachelor Monthly Trimmed at -12%, +12%32.933332.22.32.52.42.52.52.32.42.42.332.72.52.62.52.52.12.42.92.52.8333343.5455
By sex2
1 year Inflation HICP Germany female Monthly Trimmed at -12%, +12%3333332.52.52.52.52.62.62.52.52.52.53333332.52.53333333.5544.556
1 year Inflation HICP Germany male Monthly Trimmed at -12%, +12%3333332.52.52.52.52.52.52.52.52.52.52.82.62.632.52.52.22.532.73333344455
By household income3
1 year Inflation HICP Germany Household gross income below 2,500€ per month Monthly Trimmed at -12%, +12%3333332.52.52.52.52.52.82.82.82.52.53333332.82.9333333455555
1 year Inflation HICP Germany Household gross income 2,500€ to 4,000€ per month Monthly Trimmed at -12%, +12%3333332.42.52.52.52.52.52.52.52.52.52.82.8332.92.92.42.5333333344456
1 year Inflation HICP Germany Household gross income above 4,000€ per month Monthly Trimmed at -12%, +12%3333332.42.42.52.52.52.52.42.52.52.432.82.532.52.52.12.53333333.344455
1 year Inflation HICP Germany total Monthly Trimmed at -12%, +12%3333332.52.52.52.52.52.52.52.52.52.532.92.932.82.52.42.53333333.544455
3 years Inflation HICP Germany total Monthly Trimmed at -12%, +12%3333332.52.52.82.82.82.62.82.82.52.5332.832.62.92.52.5333333343.9444
5 years Inflation HICP Germany total Monthly Trimmed at -12%, +12%3333332.5332.82.93332.62.733333333333333343444
1 year Inflation HICP Germany total Monthly Trimmed at -24%, +24%3333332.52.52.52.52.52.52.52.52.52.533332.92.82.52.53333333.544455.5
By region3
1 year Inflation HICP East Germany (Mecklenburg-West Pomerania, Saxony-Anhalt, Brandenburg, Berlin, Thuringia, Saxony) total Monthly Trimmed at -12%, +12%3333332.52.52.52.52.62.82.82.82.52.53333332.52.8333333454.5456
1 year Inflation HICP North Germany (Lower Saxony, Schleswig-Holstein, Hamburg, Bremen) total Monthly Trimmed at -12%, +12%3333332.22.32.52.52.52.52.52.42.52.52.82.8332.72.52.22.52.9333333.544455.1
1 year Inflation HICP West Germany (North Rhine-Westphalia, Rhineland-Palatinate, Saarland) total Monthly Trimmed at -12%, +12%3333332.42.52.52.52.52.52.52.52.52.532.62.732.82.52.32.52.82.83333344455
Average10
1 year Inflation HICP Germany total Monthly Winsorisierung at 2nd and 98th percentile3.584.233.73.844.144.463.143.213.223.433.623.563.553.873.373.653.723.433.733.973.893.493.263.323.723.843.833.843.554.034.345.324.964.655.366.09
By age3
1 year Inflation HICP Germany age 16 to 39 Monthly Trimmed at -12%, +12%3.013.243.263.23.493.42.793.032.852.863.023.1432.842.832.923.32.973.093.453.012.942.852.693.13.083.153.162.923.333.63.84.053.724.564.6
1 year Inflation HICP Germany age 40 to 59 Monthly Trimmed at -12%, +12%3.283.393.163.543.693.642.762.92.83.013.033.093.033.032.922.863.263.163.23.383.153.032.882.983.232.993.293.23.083.453.774.334.344.354.75.23
1 year Inflation HICP Germany age 60 and older Monthly Trimmed at -12%, +12%3.283.113.163.373.483.572.652.682.912.922.952.892.992.92.932.753.143.053.123.293.122.942.72.673.13.073.33.082.713.043.44.23.943.984.445.05
By education3
1 year Inflation HICP Germany university entrance or less Monthly Trimmed at -12%, +12%3.343.363.293.523.713.682.793.032.923.13.123.213.063.012.952.953.283.163.253.513.223.162.952.873.243.13.363.222.923.373.664.314.254.034.65.04
1 year Inflation HICP Germany Bachelor Monthly Trimmed at -12%, +12%3.213.122.933.483.382.792.62.92.792.752.972.962.982.92.743.1833.153.333.092.622.52.743.013.023.13.112.883.093.473.684.124.14.744.84
1 year Inflation HICP Germany more then Bachelor Monthly Trimmed at -12%, +12%3.013.223.123.253.213.232.62.662.792.662.662.72.762.762.732.63.062.812.762.922.782.772.672.553.022.832.952.892.913.283.543.913.614.034.414.89
By sex2
1 year Inflation HICP Germany female Monthly Trimmed at -12%, +12%3.293.43.263.513.663.72.812.962.922.993.073.193.223.063.042.963.453.263.33.553.313.112.982.913.233.243.43.272.823.413.714.374.294.114.825.14
1 year Inflation HICP Germany male Monthly Trimmed at -12%, +12%3.13.113.133.243.453.382.672.82.792.872.942.912.812.812.752.743.042.872.993.212.882.842.662.673.062.873.093.042.993.173.493.863.973.944.354.82
By household income3
1 year Inflation HICP Germany Household gross income below 2,500€ per month Monthly Trimmed at -12%, +12%3.493.573.563.853.893.912.933.043.263.153.123.323.33.323.233.223.53.363.423.693.633.073.293.373.483.153.743.32.933.343.724.454.554.265.234.54
1 year Inflation HICP Germany Household gross income 2,500€ to 4,000€ per month Monthly Trimmed at -12%, +12%3.173.192.933.313.563.382.712.92.833.022.962.993.112.812.912.853.253.133.413.383.153.22.82.783.073.153.23.222.853.223.554.074.113.844.345.65
1 year Inflation HICP Germany Household gross income above 4,000€ per month Monthly Trimmed at -12%, +12%3.093.173.213.213.373.422.642.82.692.772.912.912.812.822.742.73.152.92.773.182.842.772.592.483.042.952.983.032.953.33.573.933.873.894.294.57
1 year Inflation HICP Germany total Monthly Trimmed at -12%, +12%3.193.253.193.373.553.532.742.882.852.9333.053.012.932.892.853.243.063.143.383.092.972.812.793.143.053.243.152.913.293.64.14.124.024.584.97
3 years Inflation HICP Germany total Monthly Trimmed at -12%, +12%3.293.493.163.263.43.413.083.23.293.393.193.173.243.193.1333.383.33.333.563.133.213.033.123.353.53.733.593.453.633.724.164.194.294.514.57
5 years Inflation HICP Germany total Monthly Trimmed at -12%, +12%3.463.473.513.443.43.343.273.253.443.363.373.393.463.33.233.323.543.323.43.473.423.353.313.593.633.413.593.673.633.723.854.173.854.444.564.79
1 year Inflation HICP Germany total Monthly Trimmed at -24%, +24%3.373.553.363.63.873.912.973.073.063.13.353.323.293.263.053.123.453.33.483.73.363.223.0133.423.133.493.493.263.623.854.484.444.384.995.56
By region3
1 year Inflation HICP East Germany (Mecklenburg-West Pomerania, Saxony-Anhalt, Brandenburg, Berlin, Thuringia, Saxony) total Monthly Trimmed at -12%, +12%3.183.433.053.653.873.892.973.322.883.063.123.163.273.333.123.123.33.353.53.623.413.012.973.13.493.363.593.533.293.373.764.474.644.344.775.47
1 year Inflation HICP North Germany (Lower Saxony, Schleswig-Holstein, Hamburg, Bremen) total Monthly Trimmed at -12%, +12%3.193.273.273.273.333.292.592.692.762.92.852.953.12.632.812.93.062.883.153.33.092.92.632.543.033.13.23.042.993.233.623.7443.564.734.96
1 year Inflation HICP West Germany (North Rhine-Westphalia, Rhineland-Palatinate, Saarland) total Monthly Trimmed at -12%, +12%3.083.263.213.363.623.562.572.832.912.942.823.0632.882.852.63.282.993.13.313.132.962.822.83.032.83.182.962.793.293.424.054.114.074.624.93
Households: income expectations2
Median6
By age3
Germany age 16 to 39125125125125125125150125125125131.25125125125150125125125125125125125125125150125175166.25150231.25125125143.75175150125
Germany age 40 to 59125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125
Germany age 60 and older125125125125125125125125125125125125125125125125125125125112.5125125125125125125125125125125125125125125125125
By education3
Germany university entrance or less125125125125125125125125125125125125125125125125125125125112.5125125125125125125125125125125125125125125125125
Germany Bachelor125125125125125125125125125125125125125125125125125125125125125125125125125125150125125231.25137.5125125125125125
Germany more then Bachelor125125125125125125150125125125125137.5125125137.5125125125125125125125125125150125150187.5150125210150150225125125
By sex2
Germany female106.25125125125125125125125125125125113.7512512512512512512512557.5125125125125125125125125125125125125125125125125
Germany male125125125125125125125125125125125125125125125125125125125125125125125125125125125125125150125125125125125125
By household income3
Germany Household gross income below 2,500€ per month1001251251257566.25125125125125125112.512512512512512537.510062.5012596.2512512512512512512512510012550125100125
Germany Household gross income 2,500€ to 4,000€ per month125125125125125125125125125125125100125125125125125125125125125125125125125125125125125125125125125125125125
Germany Household gross income above 4,000€ per month125125125125125125125125125125125125125125125125125125125125125125125125132.5125125150127.5175150137.5150250150175
Germany total125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125
By region3
East Germany (Mecklenburg-West Pomerania, Saxony-Anhalt, Brandenburg, Berlin, Thuringia, Saxony) total10012512512512512575125125125125125125125125125125125125100125125125125125125125125125125125125125125125125
North Germany (Lower Saxony, Schleswig-Holstein, Hamburg, Bremen) total12512512512512512587.5125125125125112.5125125125125125125125125125125125125125125125125125125125125125125125125
West Germany (North Rhine-Westphalia, Rhineland-Palatinate, Saarland) total125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125125
Average6
By age3
Germany age 16 to 3999.617694.9493.5882.06106.84145.6882.81129.99101.85148.15133.82184.23153.32227.42176.59170.4695.31141.1594.6342.9895.43124.07168.65192.99154.13244.95219.05182.62280.52212.65122.09204.37120.37149.38112.37
Germany age 40 to 59-37.3215.5447.7139.1314.463.3531.9839.4577.5439.0144.9254.8757.2467.1155.3666.9152.6640.0828.29-10.1474.1572.3858.3362.6752.2570.85108.3885.3487.86111.5386.5370.0565.74127.9969.5263.42
Germany age 60 and older6.512.3212.5-20.19-45.6829.4-28.210.5737.0252.36-7.78-9.85-38.1117.3337.2456.4316.5125.1114.3-29.1712.568.3728.8441.0348.1132.6755.7557.7175.7654.3273.1944.63-23.7-6.9229.645.34
By education3
Germany university entrance or less20.572.8630.15-5.17-5.6135.8929.7418.1978.4959.8337.2741.5472.1855.5741.6683.0263.8729.127.222.724.4552.9344.9785.9271.1661.1899.9197.6286.32137.8975.6148.1858.841.0851.8433.13
Germany Bachelor85.2179.03118.6106.7150.1777.9370.0497.85141.96139.17110.0767.57163.9125.08156.74125.12110.5889.22195.660.2173.9460.39135.63129.52198.2151.7234.21143.21176.52324.13220.76167.67152.73174.35125.8184.77
Germany more then Bachelor50.12100.1494.41118.3669.1657.25143.6843.8273.1856.51129.09176.29102.68140.89211.68116.87128.96130.05102.8569.26105.05113.08126.7788.06148.75151.54222.98192.54173.49103.27258.84152.19253.66230.88164.08169.81
By sex2
Germany female-5.48-2.8323.75-20.23-18.51.7636.2710.4366.74-11.0827.3611.4162.9351.7367.6270.0552.5611.1821.82-27.3315.05-7.5546.8654.1430.9617.72110.3584.6676.5594.28102.2454.8894.4683.2134.6114.62
Germany male54.2365.7882.1798.657.6195.2591.2473.81104.79134.3106.05129.97106.18112.86164.72133.04113.2100.44119.7768.9576.47134.2798.18144.91168.63159.16183.55169.02158.65231.45167.35107.06100.5397.67134.78125.81
By household income3
Germany Household gross income below 2,500€ per month-19.28-10.7459.48-58.46.9850.7328.37-47.4359.3110.843.7949.84-6.2924.0456.8473.2523.24-17.6136.14-15.81-112.469.15-36.4348.8826.68-12.61122.4-15.182.979.9749.81-1.51-10.8810.51-31.04-23.09
Germany Household gross income 2,500€ to 4,000€ per month79.8431.2335.6834.82-19.7712.857.9554.4663.7656.9739.1848.6544.2181.6170.1768.6563.9243.735.2212.4679.7278.91100.4182.689.48105.93115.5132.6997.8160.54112.492.44126.4945.0767.636
Germany Household gross income above 4,000€ per month9.5255.5671.6287.8256.3476.5974.575.92112.190.85109.8888.91152.64110.65163.13143.75122.83108.93116.7158.83120.0690.6106.72131.4163.68137.55183.38194.57170.36234.35196.67144.07165.59227.65182.16169.17
Germany total24.2232.3454.4241.9320.5649.8163.7743.3286.7366.6567.669.4385.2383117.56103.6183.8957.9668.7322.4146.2864.5473.68100.62102.2589.93147.19127.98118.75165.96133.5781.7397.6490.286.9269.58
By region3
East Germany (Mecklenburg-West Pomerania, Saxony-Anhalt, Brandenburg, Berlin, Thuringia, Saxony) total28.7-1.3813.6353.711.7797.09-77.3249.05124.6346.96142.3655.7365.94157.25115.5540.15122.68103.2425.59-39.75117.2277.61118.89103.3962.17109.7855.05156.77122.0772.3662.3595.27109.4329.0233.77
North Germany (Lower Saxony, Schleswig-Holstein, Hamburg, Bremen) total21.2931.2375.5323.1359.84-1.58-26.4916.748.2177.0765.5255.32169.0598.3134.11104.73135.9813.580.7248.05127.4106.26106.7353.05101.4107.98181.28126.6162.06173.7774.2670.1184.0688.1590.9725.53
West Germany (North Rhine-Westphalia, Rhineland-Palatinate, Saarland) total116.6655.9752.8148.253.1862.11148.3342.52106.36133.1375.8828.1736.2880.53110.42118.4898.1890.7571.4234.136.9-13.7549.91109.8382.1385.86173.51128.18168.32143.73189.41115.1950.85-1.9981.7884.6
Households: house price expectations2
Median6
By age3
Germany age 16 to 39343344444345545454455444434433343354
Germany age 40 to 5934444544334543.5444545543.74433333344344
Germany age 60 and older344.534545444544544544533.243.533333233334
By education3
Germany university entrance or less3.854445554445545445455444.3433444444455
Germany Bachelor333343333.434343445434434333332.3322.63233
Germany more then Bachelor333333333333333344344333333322.5222232
By sex2
Germany female45545555555555555555555554.55555555455
Germany male33333333.533343.534343344333333332232.5233
By household income3
Germany Household gross income below 2,500€ per month555555555555555555555455554.2555555555
Germany Household gross income 2,500€ to 4,000€ per month3.853.2345454445544444455444433333334343
Germany Household gross income above 4,000€ per month33333333333443.5533.54354333333332.22.52.2222.52
Germany total343.5344444445445444455444433333333344
By region3
East Germany (Mecklenburg-West Pomerania, Saxony-Anhalt, Brandenburg, Berlin, Thuringia, Saxony) total553.53555555555454555555554.74.85555555555
North Germany (Lower Saxony, Schleswig-Holstein, Hamburg, Bremen) total344345433.444554433.543.554434333333333343
West Germany (North Rhine-Westphalia, Rhineland-Palatinate, Saarland) total3443.544444344445444455343.5433333.5333344
Average6
By age3
Germany age 16 to 395.315.935.375.455.975.224.725.674.84.94.675.75.355.245.585.95.34.924.796.25.564.84.794.814.155.344.714.714.254.13.434.433.535.115.864.32
Germany age 40 to 594.535.925.325.235.485.64.675.245.145.345.095.275.735.825.45.494.915.364.815.985.575.314.574.514.775.114.824.293.93.273.764.073.363.413.713.99
Germany age 60 and older4.225.214.954.555.315.325.165.425.15.175.25.255.314.865.114.554.725.064.894.654.614.24.144.214.282.753.193.133.483.232.452.612.942.972.983.45
By education3
Germany university entrance or less5.036.245.745.646.266.15.345.915.525.475.355.9465.745.355.75.165.395.166.025.55.284.954.854.844.574.434.334.464.263.954.273.884.735.234.62
Germany Bachelor4.354.794.824.574.344.164.014.774.084.594.564.274.845.66.15.254.724.864.235.485.94.724.294.543.94.94.583.823.312.552.483.382.392.352.182.89
Germany more then Bachelor4.034.114.024.024.544.193.874.184.234.454.314.413.953.624.314.434.664.363.854.424.383.643.153.173.293.363.312.752.262.011.152.131.861.682.451.72
By sex2
Germany female5.716.615.936.146.756.545.576.215.765.95.656.176.446.266.256.285.625.995.496.675.895.745.185.415.235.495.595.155.134.824.645.594.425.616.215.2
Germany male3.734.854.564.14.54.294.154.724.34.414.344.74.554.444.564.474.424.34.24.724.723.923.923.713.633.553.093.122.752.371.972.082.242.212.442.78
By household income3
Germany Household gross income below 2,500€ per month5.677.637.448.127.777.325.996.346.286.666.366.877.357.716.877.216.46.686.68.147.376.175.995.726.316.726.845.585.8765.166.765.416.738.125.8
Germany Household gross income 2,500€ to 4,000€ per month4.745.935.145.045.975.544.785.675.175.355.135.254.965.024.915.174.794.814.715.574.934.614.744.694.134.063.163.83.133.533.13.033.063.93.834.08
Germany Household gross income above 4,000€ per month4.254.794.273.924.274.244.264.864.324.334.294.824.934.454.744.624.444.563.964.464.514.113.653.863.493.713.633.553.272.112.052.291.981.6922.39
Germany total4.75.715.225.15.65.384.845.4455.144.985.425.475.335.385.354.995.114.835.675.294.814.524.534.44.514.314.13.93.553.273.783.33.874.273.95
By region3
East Germany (Mecklenburg-West Pomerania, Saxony-Anhalt, Brandenburg, Berlin, Thuringia, Saxony) total5.146.985.155.797.026.835.795.525.185.365.516.26.735.555.595.295.995.776.285.296.245.555.815.144.694.74.84.975.644.214.924.895.226.126.075.02
North Germany (Lower Saxony, Schleswig-Holstein, Hamburg, Bremen) total4.235.474.95.654.924.624.734.915.484.915.145.964.434.744.724.65.264.055.944.584.293.74.164.244.983.783.353.483.032.232.762.612.764.493.11
West Germany (North Rhine-Westphalia, Rhineland-Palatinate, Saarland) total5.065.735.64.715.395.134.985.6454.765.135.244.945.85.546.034.844.794.936.065.835.514.614.494.544.45.193.833.513.393.34.473.164.234.323.99
Households: qualitative balances8
Fuels prices49.7653.5932.3841.9645.9962.0950.1649.8937.4345.2138.1835.7832.0739.7854.228.0328.5137.9653.2949.1442.3738.5530.519.8329.0133.6835.884049.7539.443.8952.8466.6340.0447.0350.15
Economic growth-20.84-27.73-27.41-32.79-38.34-31.27-7.18-4.66-17.56-14.71-16.9-20.13-19.71-8.85-6.34-12.59-23.84-13.16-22.11-29.26-28.17-30.02-31.04-26.77-21.93-16.3-13.73-17.72-22.45-23.14-31.12-27.74-29.21-26.18-28.7-31.07
Inflation HICP43.7842.1940.4351.1158.2754.1728.0724.1727.4528.1231.7731.3725.2825.0724.8721.531.0831.4427.3331.2826.0525.8812.4911.5716.9612.3213.6210.873.75.659.4515.0614.463.879.6114.5
House prices in the surrounding area30.0334.0335.433.6634.1532.7733.7235.9934.0934.7733.2233.4135.1934.1133.1634.6329.0231.4729.8630.4925.8626.4823.4422.6522.5317.517.9515.2413.188.684.579.919.2410.0510.4511.42
Loan interest rate31.1831.4337.3232.4836.5833.0121.2921.3622.7121.3220.1119.2818.6115.9412.2314.7514.3528.612.514.85.9512.65-0.060.9713.7812.458.714.210.7912.4215.8720.0125.4135.2143.8448.36
Savings interest rate-11.86-13.2-5.32-16.63-21.12-19.75-18.31-19.05-21.27-22.26-23.82-23.92-26.74-26.74-33.56-28.64-34.5-26.62-29.07-28.5-31.39-25.69-28.81-28.66-20.68-21.87-21.76-14.22-13.9-11.87-12.26-6.33-5.655.6110.9214.79
Housing rents40.841.8241.7741.8642.1540.8140.9141.2840.7742.842.5540.4941.0441.5540.8240.4738.0440.4140.9244.0241.4339.5138.0735.7637.5238.9937.9840.9139.2339.5140.544.0442.542.0440.3740.83
Unemployment rate40.7242.6438.7442.342.4342.6534.8934.5335.2534.8735.1438.7532.3926.9223.7926.6231.0230.2832.8434.0939.5636.629.8530.5624.1119.8119.1118.5419.7519.7221.8722.7425.8826.3825.6727.09
Firms: inflation expectations7
1 year Inflation HICP Germany total Monthly Trimmed at -12%, +12% Median3332.82.52.52.52.52.52.52.52.52.52.52.62.82.62.62.52.52.22.52.92.832.82.833.343.6455.5
1 year Inflation HICP Germany total Monthly Trimmed at -12%, +12% Average3.253.493.633.152.72.722.842.852.842.882.852.812.712.83.063.133.083.033.022.912.692.843.193.133.243.143.113.433.84.354.074.355.025.64
3 years Inflation HICP Germany total Monthly Trimmed at -12%, +12% Average3.053.223.333.032.952.762.933.153.263.162.993.012.952.852.873.133.013.193.113.053.323.483.873.73.884.314.76
5 years Inflation HICP Germany total Monthly Trimmed at -12%, +12% Average3.113.153.153.13.023.012.862.943.213.253.083.173.043.032.853.083.173.233.153.053.113.363.513.693.63.754.144.35
1 year Inflation HICP Germany total Monthly Trimmed at -24%, +24% Average3.33.63.723.322.742.822.932.952.98332.942.772.953.173.283.253.123.132.982.792.893.263.213.353.223.213.573.924.434.164.525.155.82
3 years Inflation HICP Germany total Monthly Trimmed at -24%, +24% Average3.163.353.423.083.183.092.943.113.263.453.283.13.173.0832.963.363.113.383.23.223.473.724.043.894.074.464.98
5 years Inflation HICP Germany total Monthly Trimmed at -24%, +24% Average3.213.233.353.33.223.1833.213.433.463.343.293.223.092.993.283.373.433.343.173.313.523.683.913.833.924.334.58
HDE consumer barometer1
HDE Consumer Barometer694.794.1894.7793.3792.2994.8595.8196.6895.5495.2495.5796.5295.9797.6497.7397.3596.196.0295.3695.3194.9997.5497.2596.1396.9397.797.7698.8697.5196.0995.6293.7293.5796.3593.8295.0694.65
Income expectations99.1999.1698.3696.1595.0197.3798.1199.3898.2297.3595.73100.797.63100.198.73102.898.6798.2898.1997.896.99102.32100.3496.6398.39100.2998.68101100.6699.4598.1997.6996.2799.3598.1698.899.18
Propensity to make purchases86.4785.8185.285.0384.8487.1684.9485.6585.185.9887.3987.9386.6186.5786.0987.7986.2184.7584.2983.5585.2188.2788.2287.9986.6788.3188.2389.3388.2786.9186.7583.6582.8986.5985.4486.3785.7
Propensity to save (inverted)108.37107.03111.25111.64109.8110.49108.81108.1108.58110.01110.46109.07109.36108.63110.59106.64110.16111.57110.46110.38108.91109.4110.64109.72112.3108.26109.91109.87108.44109.77110.9109.77111.57111.23108.82111.1108.64
Price expectations (inverted)91.6794.1793.1388.7586.0391.1399.71101.8298.7496.894.2595.7695.3598.51100.1196.7694.8295.8793.1594.6193.5197.3896.5598.9998.26101.17100.88102.67104.0499.6196.0291.5895.85100.8994.3196.898.05
Economic expectations78.3275.8876.1672.1972.2477.0681.6783.7879.6676.7479.8178.781.0285.585.3483.4579.7579.8477.997979.1680.6779.3977.5179.6584.884.0186.4880.9777.4676.8774.8273.4880.676.778.1179.01
Interest-rate expectations (inverted)102.6103.69103.83105.27103.81105.51107.71108.59109.61109.73110.81111.07112.54117.29116.2113.28113.23111.68116.24115.03113.56111.73114.47115.18112.81109.71113.42109.57109.46106.65107.45106.33101.6296.9693.8592.191.37

Latest reading

The latest reading is 3%, for Aug 2026. That is unchanged from Jul 2026 and +0.5 pp from a year earlier. The series on this page is monthly and runs from Apr 2019 to Aug 2026. Source: Deutsche Bundesbank and Handelsverband Deutschland (HDE) / HRI.

Latest
3%
Aug 2026
vs previous period
0.0 pp
Jul 2026
vs a year earlier
+0.5 pp

About this data

What Germans expect, from the surveys that ask them directly. The Bundesbank household panel gives expected inflation over several horizons with its percentiles, expected income and house prices and the qualitative balances for spending, saving and the economy; the Bundesbank firm survey gives the matching inflation expectations of businesses, trimmed at two thresholds; and the HDE consumer barometer adds retail-side consumer sentiment with its six sub-indices. Reading household and firm expectations against each other is the standard test of whether expectations are anchored.

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