Germany's headline CPI inflation slowed to 2.6% YoY in May, down from 2.9% in April, while consumer prices fell 0.2% MoM on a provisional basis.

• Core inflation, which excludes food and energy, edged up to 2.5% YoY from 2.3% in April, suggesting underlying price pressures remain relatively firm despite the moderation in headline inflation.
• Energy inflation slowed sharply to 6.6% YoY from 10.1% in April, providing the main source of disinflation during the month.
• Food price inflation eased to 0.4% YoY from 1.2%, continuing a broader cooling trend in food costs.
• Services inflation accelerated to 3.1% YoY from 2.8%, remaining the strongest major component and highlighting persistent domestic price pressures.
• Goods inflation moderated to 2.2% YoY from 2.9% in April, while core goods and services combined pushed core CPI slightly higher.
• The harmonized CPI (HICP), the measure used for ECB comparisons, slowed to 2.7% YoY from 2.9%, while declining 0.1% MoM.
• The May report points to easing headline inflation driven by softer energy and food prices, although firmer services inflation kept underlying price pressures elevated.

Germany’s CPI rose +0.2% MoM and +1.9% YoY in February 2026, showing mild monthly price growth.

• Headline CPI inflation was +1.9% YoY (Jan: +2.1%), indicating a modest deceleration in annual consumer price growth.

• Core inflation excluding food and energy stood at +2.5% YoY (Jan: +2.5%), remaining unchanged and above the headline rate.

• Harmonised CPI (HICP) increased +0.4% MoM and +2.0% YoY, slightly higher than the national CPI on an annual basis.

• Services inflation measured +3.2% YoY (Nov: +3.5%), showing easing from late 2025 levels but stable month to month.

• Goods inflation was +0.8% YoY (Jan: +1.0%), indicating modest price increases with variability across months.

• Energy prices fell -1.9% YoY (Jan: -1.7%), continuing to exert downward pressure on the headline rate.

• Food prices increased +1.1% YoY (Jan: +2.1%), showing a slowdown compared with January but still positive annual growth.

Germany’s CPI rose +0.1% MoM and +2.1% YoY in January 2026, indicating a modest monthly uptick alongside slightly firmer annual inflation.

• Core inflation excluding food and energy is estimated at +2.5% YoY, remaining above the headline rate and signaling stronger underlying price growth.

• The Harmonised CPI also increased +2.1% YoY in January, matching the national CPI and confirming a similar annual inflation pace under EU methodology.

• On a monthly basis, the Harmonised CPI declined -0.1% MoM, contrasting with the +0.1% MoM rise in the national CPI and showing mixed short-term price movements.

• Headline inflation had slowed to +1.8% YoY in December 2025 (from +2.3% YoY in October and November), before reaccelerating to +2.1% YoY in January.

• Core inflation eased from +2.8% YoY in October to +2.4% YoY in December, then edged back up to +2.5% YoY in January, indicating a slight rebound after late-2025 cooling.

• Services inflation held elevated at 3.5% YoY through December before easing to +3.2% YoY in January, while goods inflation rebounded to +1.0% YoY from +0.4% YoY in December.

Germany’s CPI slowed to 1.8% YoY in December (from 2.3% in November), marking a broad-based cooling in inflation late in the year.

• The overall index excluding food and energy eased to 2.4% YoY (Nov: 2.7%), the lowest since June 2021, indicating a moderation in underlying inflation pressures.

• Services inflation held steady at 3.5% YoY (unchanged from October and November), remaining the main contributor to headline price growth.

• Goods inflation decelerated sharply to 0.4% YoY (Nov: 1.1%), pointing to a pronounced slowdown in non-services price increases.

• Energy prices declined -1.3% YoY (Nov: -0.1%), deepening the annual contraction and exerting a stronger downward pull on headline inflation.

• Food inflation slowed to 0.8% YoY (Nov: 1.2%), continuing the easing trend seen over recent months.

• Compared with September and October, inflation momentum weakened across most major components, with the exception of services, which remained persistently elevated.