FX.co ★ German HICP Ticks Up to 2.1% in January, Slightly Above Previous Reading

Germany’s Harmonised Index of Consumer Prices (HICP) edged up to 2.1% year-over-year in January 2026, a marginal increase from the previous rate of 2.0% recorded in January 2026 on the same YoY comparison basis. The latest figure, updated on 17 February 2026, indicates a modest firming in consumer price pressures within the euro area’s largest economy.

The data compare price changes for January with the same month a year earlier, aligning with the Harmonised Index methodology used across the euro area for cross-country inflation assessments. While the move from 2.0% to 2.1% is slight, it will be monitored by markets and policymakers as they assess how close German inflation is tracking to the European Central Bank’s medium-term price stability objective.