30.10.202613:00:00UTC+00Germany’s HICP Turns Negative in October, Marking First Monthly Decline

Germany’s Harmonised Index of Consumer Prices (HICP) slipped into negative territory on a month-over-month basis in October 2026, highlighting a sharp cooling in price dynamics. According to the latest data updated on 30 October 2026, the HICP fell by 0.1% from the previous month, reversing the 0.6% increase recorded in September 2026.

The move from a 0.6% rise to a 0.1% decline on a monthly comparison underscores a clear loss of inflationary momentum in Germany. In this month-over-month framework, the “actual” figure reflects October’s change versus September, while the “previous” figure reflects September’s change versus August, illustrating how quickly pricing pressures have eased over just two consecutive readings.

This negative print may be closely watched by market participants and policymakers as it could signal a shift in the near-term inflation trend in the euro area’s largest economy, though the data only capture short-term price developments rather than the broader annual trajectory of inflation.