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.