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Harmonised inflation (HICP) · Germany

Germany Harmonised Inflation Rate MoM Final

The Germany Harmonised Inflation Rate MoM Final measures consumer price inflation in Germany using the EU's harmonised method (HICP), so that it can be compared across countries.

Importance
Medium
Released
Monthly
Next release
Currency
EUR · euro
Central bank
The European Central Bank (with the Bundesbank)
Moves
EURAUD# · EURCAD# · EURCHF# · EURDKK# · EURGBP · EURHKD# · EURHUF# · EURJPY#

Latest figures

The latest release for SEP, published on 13 October 2026, came in at 0.6%, in line with the consensus of 0.6%, up from 0.2% the time before.

A result in line with the consensus usually causes little reaction: it was already priced in.

Over the last 12 releases it ranged from -0.5% to 1.2%, averaging 0.3%.

Nov 2025: 0.3%Dec 2025: -0.5%Jan 2026: 0.2%Feb 2026: -0.1%Mar 2026: 0.4%Apr 2026: 1.2%May 2026: 0.5%Jun 2026: -0.1%Jul 2026: -0.2%Aug 2026: 0.9%Sep 2026: 0.2%Oct 2026: 0.6% Nov 2025Oct 2026
Actual results; the short line on a bar marks the consensus.
ReleasedForActualConsensusPrevious
13 Oct 2026SEP0.6%0.6%0.2%
10 Sep 2026AUG0.2%0.2%0.9%
12 Aug 2026JUL0.9%0.9%-0.2%
10 Jul 2026JUN-0.2%-0.2%-0.1%
12 Jun 2026MAY-0.1%-0.1%0.5%
12 May 2026APR0.5%0.5%1.2%
10 Apr 2026MAR1.2%1.2%0.4%
11 Mar 2026FEB0.4%0.4%-0.1%
17 Feb 2026JAN-0.1%-0.1%0.2%
16 Jan 2026DEC0.2%0.2%-0.5%
12 Dec 2025NOV-0.5%-0.5%0.3%
12 Nov 2025OCT0.3%0.3%0.2%

See it in the economic calendar →

Why it matters

The European Central Bank's 2% target is defined on the euro area HICP. National HICP releases, especially Germany's, France's, Spain's and Italy's preliminary figures, arrive before the euro area total and move euro and bond markets as a preview.

How it is calculated

Each country's statistics office collects prices for a common basket and methods set by Eurostat; owner-occupied housing costs are left out, which is the main difference from many national CPIs.

HICP inflation (yoy) = HICP ÷ HICP 12 months ago − 1

What changes mean

  • A national HICP above expectations raises the odds of a hawkish ECB.
  • Look at services and core components in the euro area release; energy drives most of the swings.

Higher than expected: A higher figure than expected makes the European Central Bank (with the Bundesbank) more likely to keep rates high or raise them: it tends to support the euro and push bond yields up, and is often a weight on stocks.

Lower than expected: A lower figure than expected gives the European Central Bank (with the Bundesbank) room to cut or hold rates lower: the euro tends to soften and bond yields to fall.

A short history

The HICP was introduced in 1997 to check whether countries met the inflation criterion for joining the euro; the ECB adopted it as its target measure when the euro started in 1999.

Questions

What is the Germany Harmonised Inflation Rate MoM Final?

The Germany Harmonised Inflation Rate MoM Final measures consumer price inflation in Germany using the EU's harmonised method (HICP), so that it can be compared across countries.

What was the latest Germany Harmonised Inflation Rate MoM Final?

0.6% for SEP, published on 13 October 2026 (consensus 0.6%, previous 0.2%).

When is the next Germany Harmonised Inflation Rate MoM Final?

On Wednesday 11 November 2026 at 07:00 UTC.

Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.