Inflation in Germany and the Euro Area

The inflation rate measures how much consumer prices have risen against the same month a year earlier. For long-term wealth building it is the decisive hurdle: only returns above inflation increase purchasing power. The Harmonised Index of Consumer Prices (HICP) shown here is the Europe-wide harmonised measure — it differs slightly from national CPI figures but is comparable across countries.

Germany inflation rate (HICP, year on year) 3.30%

Euro area inflation rate (HICP, year on year) 3.80%

As of September 2026 · series since Jan 1, 1999 (333 observations) · change vs previous +0.40.

All-time high11.60%

All-time low-0.70%

Data startsJan 1, 1999

Frequencymonthly

Data note 1

History by Year

Year-end values
Year	Germany inflation rate (HICP, year on year)	Euro area inflation rate (HICP, year on year)
2026	3.30	3.80
2025	2.00	2.00
2024	2.80	2.40
2023	3.80	2.90
2022	9.60	9.20
2021	5.70	5.00
2020	-0.70	-0.30
2019	1.50	1.30
2018	1.70	1.50
2017	1.50	1.30
2016	1.60	1.10
2015	0.20	0.30
2014	0.10	-0.20
2013	1.20	0.80
2012	2.10	2.20
2011	2.20	2.80
2010	1.80	2.20
2009	0.90	0.90
2008	1.10	1.60
2007	3.10	3.10
2006	1.40	1.90
2005	2.10	2.30
2004	2.30	2.30
2003	1.10	2.00
2002	1.10	2.30

Relationship With Equity Markets

Correlation of changes, not of levels. Two series that both trend for years correlate almost perfectly in levels without any relationship following from it. Values near 0 mean no discernible co-movement.

Correlations
Series	Strongest relationships
Germany inflation rate (HICP, year on year)	Bitcoin -0.05 n=109 · Nikkei 225 +0.01 n=200 Based on monthly changes
Euro area inflation rate (HICP, year on year)	Bitcoin -0.07 n=109 · Nikkei 225 +0.01 n=200 Based on monthly changes

Real Interest Rate in the Euro Area

January 2015September 2026

Subtracting the inflation rate from the policy rate leaves the real interest rate: what a deposit earning the policy rate still yields after price increases. In September 2026 the ECB deposit rate stood at 2.50% and the euro area inflation rate (HICP) at 3.80%, putting the real rate at -1.30%. Since January 2015 it was negative in 113 of 141 months. It hit its low of -9.85% in October 2022 and its high of 1.80% in September 2024.

Data note 2

Matching Calculators

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