FX.co ★ German HICP Turns Negative in January, Signaling Fresh Disinflation Pressure

Germany’s Harmonised Index of Consumer Prices (HICP) slipped into negative territory in January 2026, underscoring renewed disinflationary pressure in the euro area’s largest economy. On a month-over-month basis, German HICP fell by 0.1% in January, down from a 0.2% increase recorded in the previous month.

Both the prior and current readings relate to January 2026 but capture different month-over-month comparisons: the previous figure reflects the change from November to December 2025, while the latest print measures the change from December 2025 to January 2026. The move from modest inflation to a slight decline suggests a softening in price momentum at the start of the year.

The updated data, released on 17 February 2026, will be closely watched by market participants and policymakers as they assess the trajectory of inflation in Germany and its implications for broader eurozone price dynamics and monetary policy expectations.