Germany HICP Price Index (2025)
Germany's HICP Price Index: 131.9 Index (annual average) in 2025, +2.2% YoY. Eurostat (PRC_HICP_AIND), 2005–2025.
Data
| Year | Index (annual average) | YoY Change |
|---|---|---|
| 2025 | 131.9 | +2.2% |
| 2024 | 129 | +2.5% |
| 2023 | 125.9 | +6.1% |
| 2022 | 118.7 | +8.7% |
| 2021 | 109.2 | +3.2% |
| 2020 | 105.8 | +0.3% |
| 2019 | 105.5 | +1.4% |
| 2018 | 104 | +1.9% |
| 2017 | 102.1 | +1.7% |
| 2016 | 100.4 | +0.4% |
| 2015 | 100 | +0.7% |
| 2014 | 99.3 | +0.7% |
| 2013 | 98.6 | +1.6% |
| 2012 | 97 | +2.1% |
| 2011 | 95 | +2.5% |
| 2010 | 92.7 | +1.2% |
| 2009 | 91.6 | +0.2% |
| 2008 | 91.4 | +2.7% |
| 2007 | 89 | +2.3% |
| 2006 | 87 | +1.8% |
About this Dataset
The Germany HICP (Harmonised Index of Consumer Prices) is Eurostat's standardised measure of German consumer price inflation, designed for cross-country comparability across the EU-27 and used directly by the ECB in its monetary policy framework. The 2025 annual average index of 131.9 (base: 2015=100) implies an annual inflation rate of approximately 2.2%, representing a substantial normalisation from the near-9% peaks seen at the height of the 2022 energy crisis.
Germany's inflation trajectory since 2021 has been among the most dramatic in its post-war economic history. Pre-pandemic, Germany typically ran 1.0–1.5% HICP inflation — often below the ECB's 2% target, which generated debate about Germany acting as a deflationary anchor in the eurozone. The 2022 energy shock changed this abruptly: Germany's heavy dependence on Russian pipeline gas made it uniquely exposed to the supply disruption. Energy prices (gas, electricity, heating oil) drove the headline HICP to an estimated 8.7% in 2022, the highest since reunification. The ECB's 450 basis point rate hiking cycle (July 2022 to September 2023), combined with energy base-effect unwinding and fiscal energy relief measures (Energiepreisbremse), has since brought inflation substantially lower. By 2025, the index trajectory reflects the gradual re-anchoring of price expectations, though services inflation — driven by wage catch-up — remains somewhat stickier than goods.
For ECB watchers and euro-area fixed-income investors, German HICP near 2% is a significant policy signal. The ECB's primary mandate is to maintain euro-area HICP inflation "close to but below 2%" (since 2021, symmetrically "at 2%"), and Germany typically accounts for about a quarter of the euro-area HICP basket. A German rate near target substantially reduces the weight of above-target observations in the EU aggregate, supporting a rate-easing bias. For sovereign bond investors, a normalised German inflation environment implies that 10-year Bund nominal yields in the 2–2.5% range now represent flat to marginally positive real yields — a meaningful change from the deeply negative real rates of 2020–2021.
Coverage and methodology: Eurostat compiles the HICP annually as a calendar-year average of monthly indices (dataset PRC_HICP_AIND, all-items aggregate). The base year is 2015=100. Basket weights are updated annually based on household expenditure surveys and national accounts, with energy and food constituting approximately 25–30% of the German basket. The HICP differs from the German national CPI (Verbraucherpreisindex) primarily in its treatment of owner-occupied housing — currently excluded from HICP — and its scope of price observation. Flash estimates are published monthly by Destatis; Eurostat final annual averages follow with a short lag.