Germany: inflation rate and central bank rate monthly 2024

The inflation rate in Germany displayed significant fluctuations between January 2018 and January 2021, ranging from a high of 3.1 percent to a low of 0.3 percent at the end of 2020. After January 2021, the inflation rate began a steady increase, culminating in a record high of 10.4 percent in October 2022. Following this peak, the inflation rate gradually decreased, dropping to 2.2 percent in April 2024.

Germany's central bank interest rate is set by the European Central Bank (ECB). In July 2022, the ECB increased its interest rate to 0.5 percent, which was the first increase since March 2016. After that, the ECB increased the interest rate regularly. Between September 2023 and April 2024, the interest rate was set at 4.5 percent.

Average inflation rate and European Central Bank (ECB) interest rate in the Germany from January 2018 to April 2024

Characteristic	Inflation rate	ECB interest rate
Apr 2024	2.2%	4.5%
Mar 2024	2.2%	4.5%
Feb 2024	2.5%	4.5%
Jan 2024	2.9%	4.5%
Dec 2023	3.7%	4.5%
Nov 2023	3.2%	4.5%
Oct 2023	3.8%	4.5%
Sep 2023	4.5%	4.5%
Aug 2023	6.1%	4.25%
Jul 2023	6.2%	4%
Jun 2023	6.4%	4%
May 2023	6.1%	3.75%
Apr 2023	7.2%	3.5%
Mar 2023	7.4%	3.5%
Feb 2023	8.7%	3%
Jan 2023	8.7%	2.5%
Dec 2022	8.6%	2.5%
Nov 2022	10%	2%
Oct 2022	10.4%	1.25%
Sep 2022	10%	1.25%
Aug 2022	7.9%	0.5%
July 2022	7.5%	0.5%
June 2022	7.6%	0%
May 2022	7.9%	0%
Apr 2022	7.4%	0%
Mar 2022	7.3%	0%
Feb 2022	5.1%	0%
Jan 2022	4.9%	0%
Dec 2021	5.3%	0%
Nov 2021	5.2%	0%
Oct 2021	4.5%	0%
Sep 2021	4.1%	0%
Aug 2021	3.9%	0%
Jul 2021	3.8%	0%
Jun 2021	2.3%	0%
May 2021	2.5%	0%
Apr 2021	2%	0%
Mar 2021	1.7%	0%
Feb 2021	1.3%	0%
Jan 2021	1%	0%
Dec 2020	-0.3%	0%
Nov 2020	-0.3%	0%
Oct 2020	-0.2%	0%
Sep 2020	-0.2%	0%
Aug 2020	0%	0%
Jul 2020	-0.1%	0%
Jun 2020	0.9%	0%
May 2020	0.6%	0%
Apr 2020	0.9%	0%
Mar 2020	1.4%	0%
Feb 2020	1.7%	0%
Jan 2020	1.7%	0%
Dec 2019	1.5%	0%
Nov 2019	1.1%	0%
Oct 2019	1.1%	0%
Sep 2019	1.2%	0%
Aug 2019	1.4%	0%
Jul 2019	1.7%	0%
Jun 2019	1.6%	0%
May 2019	1.4%	0%
Apr 2019	2%	0%
Mar 2019	1.3%	0%
Feb 2019	1.5%	0%
Jan 2019	1.4%	0%
Dec 2018	1.6%	0%
Nov 2018	2.1%	0%
Oct 2018	2.3%	0%
Sep 2018	1.9%	0%
Aug 2018	1.9%	0%
Jul 2018	1.9%	0%
Jun 2018	1.9%	0%
May 2018	3.1%	0%
Apr 2018	1.3%	0%
Mar 2018	1.5%	0%
Feb 2018	1.1%	0%
Jan 2018	1.4%	0%