Monthly inflation rate and central bank interest rate in Germany 2018-2024
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.