FX.co ★ Germany’s HICP Turns Negative in January, Slipping 0.1% Month-on-Month

Germany’s Harmonised Index of Consumer Prices (HICP) moved into negative territory in January 2026, declining by 0.1% month-on-month, according to data updated on 30 January 2026. This follows a 0.2% month-on-month increase recorded in December 2025.

On a month-over-month basis, the latest reading signals a modest reversal in price dynamics compared with the previous period. While December’s figure reflected a mild acceleration in consumer prices relative to November, January’s negative print indicates a slight easing of inflationary pressures at the start of 2026. Investors and policymakers will be watching upcoming releases closely to assess whether this marks a temporary dip or the beginning of a more sustained softening in German consumer prices.