Harmonised Index of Consumer Prices
Inflation update
In November 2024, the inflation rate in Germany – measured as the percentage change in the HICP compared to the same month of the previous year – remained at 2.4 %, according to official estimates. Energy prices fell somewhat less than in October. In contrast, food price inflation decreased slightly. Core inflation (HICP excluding energy and food) also fell slightly to 3.1 %.
The next update will be on 10 December 2024 (final HICP figures for November 2024).
| Item | Year-on-year percentage change | Average1 (%) | Weighting (%) | ||||
| Nov 24 | Oct 24 | Sep 24 | 1999 − 2023 | 2024 | |||
| HICP (Germany) | + 2.4 | + 2.4 | + 1.8 | + 2.0 | 100.0 | ||
| Energy | − 3,6 | − 5.4 | − 7.5 | + 4.5 | 10.4 | ||
| HICP excluding energy | + 3,1 | + 3.3 | + 2.9 | + 1.6 | 89.6 | ||
| Food2 | + 2,9 | + 3.3 | + 2.6 | + 2.7 | 16.2 | ||
| HICP excluding energy and food | + 3,1 | + 3.3 | + 3.0 | + 1.4 | 73.4 | ||
| Industrial goods3 | + 1,0 | + 0.8 | + 0.7 | + 1.0 | 28.0 | ||
| Services | + 4,5 | + 4.8 | + 4.4 | + 1.7 | 45.4 | ||
| CPI (Germany) | + 2.2 | + 2.0 | + 1.6 | + 1.8 |
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| Sources: Federal Statistical Office, Eurostat, Bundesbank calculation. 1 Long-term geometric average. 2 Including alcohol and tobacco. 3 Excluding energy. | |||||||
Background
The Harmonised Index of Consumer Prices (HICP) is the key measure of price stability in the euro area. It measures the average change in prices of all goods and services purchased by households for consumption purposes. The year-on-year percentage change in the HICP serves as the basis for assessing price stability in the euro area. Annual HICP year-on-year percentage change is here also referred to as the inflation rate. The euro area HICP is derived from the HICPs of the euro area countries.
As a general rule, the HICP is calculated on a monthly basis for euro area countries using data from the respective national consumer price indices (CPIs) and relying on harmonised concepts and methods. The Federal Statistical Office calculates the HICP data for Germany.
In Germany, the main difference between the HICP and the national CPI is that the former, in accordance with the European methodological guidelines, does not include owner-occupied housing costs. As a result, services have a smaller weight in the HICP than in the CPI. Accordingly, divergent price trends for goods and services may have disparate effects on the HICP and the CPI.