FX.co ★ German HICP Inflation Accelerates to 3.3% YoY in September

Germany’s Harmonised Index of Consumer Prices (HICP) quickened in September 2026, with the annual inflation rate rising to 3.3% year-over-year, up from 2.9% in August 2026.

The latest data, updated on 30 September 2026, show that price pressures strengthened compared with the same month a year earlier, marking a pickup in inflation momentum after August’s more moderate reading. Both figures are based on year-over-year comparisons, measuring how prices in each respective month have changed relative to the same month in the previous year.

The move from 2.9% to 3.3% suggests that inflation in Germany, as measured on the harmonised EU basis, remains above levels more consistent with price stability, and will likely factor into market expectations around the European Central Bank’s next policy steps and the broader euro area inflation outlook.