FX.co ★ German HICP Rebounds in July, Snaps Deflationary Turn

Germany’s Harmonised Index of Consumer Prices (HICP) moved back into positive territory in July 2026, signaling a rebound in price dynamics after a brief deflationary episode in the previous month.

On a month-over-month basis, German HICP rose by 0.9% in July, compared with a -0.2% decline recorded in June 2026. The data, updated on 30 July 2026, indicate that consumer prices recovered noticeably after having slipped in the prior month, when the index fell relative to May.

The month-over-month comparison highlights a clear shift in short-term inflation momentum: July’s increase contrasts with June’s contraction, suggesting that downward price pressures seen at the start of the summer have eased, at least temporarily, in Europe’s largest economy.