Harmonised Index of Consumer Prices
Inflation update
According to the official estimate, the inflation rate in Germany as measured by the HICP stood at 2.5% in June 2024.
A brief commentary with more information on inflation developments in Germany will appear here, following the publication of granular data on 02.07.2024.
| Item | Year-on-year percentage change | Average1 (%) | Weighting (%) | ||||
| Jun 24 | May 24 | Apr 24 | 1999 - 2023 | 2024 | |||
| HICP (Germany) | +2.5 | +2.8 | +2.4 | +2.0 | 100.0 | ||
| Energy | . | -1.2 | -1.3 | +4.5 | 10.4 | ||
| HICP excluding energy | . | +3.2 | +2.8 | +1.6 | 89.6 | ||
| Food2 | . | +2.1 | +2.3 | +2.7 | 16.2 | ||
| HICP excluding energy and food | . | +3.5 | +2.9 | +1.4 | 73.4 | ||
| Industrial goods3 | . | +1.3 | +1.8 | +1.0 | 28.0 | ||
| Services | . | +4.7 | +3.6 | +1.7 | 45.4 | ||
Memo item: CPI (Germany) |
+2.2 |
+2.4 |
+2.2 |
+1.8 |
| ||
| Sources: Federal Statistical Office, Eurostat 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 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 does not include owner-occupied housing. 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.