The consumer price index, which is harmonised within the EU (including the inflation rate) plays an important role in the assessment of overall economic development.
Monthly inflation rate
Annual inflation rate
The EU inflation rate, as measured by the Harmonised Index of Consumer Prices (HICP), amounted to 2.9% on average in 2021. Decreasing costs for telecommunications (-0.1%) had a negative impact on the inflation rate. Prices for transport increased by 6.8%, prices for housing by 4.8% and those for tobacco and alcoholic beverages by 3.1 %.
In Germany the HICP increased by an average of 3.2% in 2021. Hungary and Poland (each 5.2%) recorded the highest increase of all 27 EU member states. None of the EU countries recorded deflation, meaning overall price development was negative.
The objective of monetary policy of the European Central Bank (ECB) is to keep prices stable, i.e. to keep inflation at 2% over the medium term.
Annual and monthly data on the Harmonised Index of Consumer Prices (HICP) for the eurozone, the EU and its Member States can be found in the Eurostat database. The Eurostat website also offers more information on the methodology and calculation of the Harmonised Index of Consumer Prices (HICP).