Germany’s Harmonised Index of Consumer Prices (HICP) slipped into negative territory on a month‑over‑month basis in May 2026, underscoring renewed disinflationary pressure in the euro area’s largest economy.
According to data updated on 29 May 2026, German HICP fell by 0.1% in May compared with April, reversing the 0.5% month‑over‑month increase recorded in April 2026. The comparison is made on a monthly basis, with the current reading reflecting the change from April to May, while the previous figure captured the change from March to April.
The negative print suggests that price momentum has cooled significantly after a relatively strong rise a month earlier. Market participants and policymakers will be watching subsequent releases closely to assess whether May’s decline marks a temporary correction or the start of a more persistent softening in consumer price dynamics.
