Annual inflation down to 1.9% in the euro area
Pre-announcement: upcoming changes to the HICP
As of 4 February 2026, several methodological changes will take effect in the HICP. The index will be compiled according to the new European Classification of Individual Consumption According to Purpose version 2, aligned with the UN COICOP 2018 classification. Games of chance will be included in the HICP as part of Recreation services under the division of Recreation, sport and culture. The index reference period will also be updated to 2025=100.
Overview
The euro area annual inflation rate was 1.9% in December 2025, down from 2.1% in November. A year earlier, the rate was 2.4%. European Union annual inflation was 2.3% in December 2025, down from 2.4% in November. A year earlier, the rate was 2.7%. These figures are published by Eurostat, the statistical office of the European Union.
The lowest annual rates were registered in Cyprus (0.1%), France (0.7%) and Italy (1.2%). The highest annual rates were recorded in Romania (8.6%), Slovakia (4.1%) and Estonia (4.0%). Compared with November 2025, annual inflation fell in eighteen Member States, remained stable in three and rose in six.
In December 2025, the highest contribution to the annual euro area inflation rate came from services (+1.54 percentage points, pp), followed by food, alcohol & tobacco (+0.49 pp), non-energy industrial goods (+0.09 pp) and energy (-0.18 pp).
Inflation rates (%) measured by the HICP |
||||||||
|---|---|---|---|---|---|---|---|---|
Annual rate |
Monthly rate |
|||||||
Dec 24 |
Jul 25 |
Aug 25 |
Sep 25 |
Oct 25 |
Nov 25 |
Dec 25 |
Dec 25 |
|
Euro area |
2.4 |
2.0 |
2.0 |
2.2 |
2.1 |
2.1 |
1.9 |
0.2 |
EU |
2.7 |
2.4 |
2.4 |
2.6 |
2.5 |
2.4 |
2.3 |
0.1 |
Belgium |
4.4 |
2.6 |
2.6 |
2.7 |
2.5 |
2.6 |
2.2 |
0.3 |
Bulgaria |
2.1 |
3.4 |
3.5 |
4.1 |
3.8 |
3.7 |
3.5 |
0.1 |
Czechia |
3.3 |
2.5 |
2.4 |
2.0 |
2.3 |
1.8 |
1.8 |
-0.3 |
Denmark |
1.8 |
2.2 |
1.9 |
2.2 |
2.1 |
2.0 |
1.9 |
-0.4 |
Germany |
2.8 |
1.8 |
2.1 |
2.4 |
2.3 |
2.6 |
2.0 |
0.2 |
Estonia |
4.1 |
5.6 |
6.2 |
5.3 |
4.5 |
4.7 |
4.0 |
-0.4 |
Ireland |
1.0 |
1.6 |
1.9 |
2.7 |
2.8 |
3.1 |
2.7 |
0.6 |
Greece |
2.9 |
3.7 |
3.1 |
1.8 |
1.6 |
2.8 |
2.9 |
0.1 |
Spain |
2.8 |
2.7 |
2.7 |
3.0 |
3.2 |
3.2 |
3.0 |
0.3 |
France |
1.8 |
0.9 |
0.8 |
1.1 |
0.8 |
0.8 |
0.7 |
0.1 |
Croatia |
4.5 |
4.5 |
4.6 |
4.6 |
4.0 |
4.3 |
3.8 |
-0.3 |
Italy |
1.4 |
1.7 |
1.6 |
1.8 |
1.3 |
1.1 |
1.2 |
0.2 |
Cyprus |
3.1 |
0.1 |
0.0 |
0.0 |
0.2 |
0.1 |
0.1 |
-0.4 |
Latvia |
3.4 |
3.9 |
4.2 |
4.2 |
4.3 |
3.8 |
3.4 |
0.0 |
Lithuania |
1.9 |
3.4 |
3.6 |
3.7 |
3.7 |
3.6 |
3.2 |
-0.2 |
Luxembourg |
1.6 |
2.6 |
2.8 |
3.1 |
3.0 |
3.6 |
3.3 |
-0.2 |
Hungary |
4.8 |
4.2 |
4.2 |
4.3 |
4.2 |
3.7 |
3.3 |
0.1 |
Malta |
1.8 |
2.5 |
2.7 |
2.4 |
2.5 |
2.5 |
2.4 |
-0.4 |
Netherlands |
3.9 |
2.5 |
2.4 |
3.0 |
3.0 |
2.6 |
2.5 |
0.2 |
Austria |
2.1 |
3.7 |
4.1 |
3.9 |
4.0 |
4.0 |
3.8 |
0.5 |
Poland |
3.9 |
2.9 |
2.7 |
2.9 |
2.9 |
2.6 |
2.5 |
0.0 |
Portugal |
3.1 |
2.5 |
2.5 |
1.9 |
2.0 |
2.1 |
2.4 |
0.0 |
Romania |
5.5 |
6.6 |
8.5 |
8.6 |
8.4 |
8.6 |
8.6 |
0.2 |
Slovenia |
2.0 |
2.9 |
3.0 |
2.7 |
3.1 |
2.4 |
2.6 |
0.1 |
Slovakia |
3.2 |
4.6 |
4.4 |
4.6 |
3.9 |
3.9 |
4.1 |
-0.3 |
Finland |
1.6 |
1.9 |
2.2 |
2.2 |
1.4 |
1.5 |
1.7 |
0.2 |
Sweden |
1.6 |
3.1 |
3.4 |
3.2 |
3.1 |
2.2 |
2.1 |
0.1 |
Iceland |
3.6 |
3.7 |
3.7 |
4.3 |
3.9 |
3.4 |
4.0 |
0.9 |
Norway |
1.7 |
3.1 |
3.5 |
3.6 |
3.0 |
2.7 |
3.0 |
0.1 |
Switzerland |
0.4 |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
0.2 |
0.1 |
Source dataset: prc_hicp_manr and prc_hicp_mmor
|
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Tables
Euro area inflation rate (%), selected aggregates |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
Weights (‰) |
Annual rate |
Monthly rate |
|||||||
2025 |
Dec 24 |
Jul 25 |
Aug 25 |
Sep 25 |
Oct 25 |
Nov 25 |
Dec 25 |
Dec 25 |
|
All-items HICP |
1000.0 |
2.4 |
2.0 |
2.0 |
2.2 |
2.1 |
2.1 |
1.9 |
0.2 |
All-items excluding: energy |
906.0 |
2.7 |
2.5 |
2.5 |
2.5 |
2.4 |
2.4 |
2.3 |
0.3 |
energy, unprocessed food |
863.4 |
2.7 |
2.4 |
2.3 |
2.4 |
2.4 |
2.4 |
2.3 |
0.2 |
energy, food, alcohol & tobacco |
712.8 |
2.7 |
2.3 |
2.3 |
2.4 |
2.4 |
2.4 |
2.3 |
0.3 |
energy, seasonal food |
881.7 |
2.7 |
2.5 |
2.4 |
2.5 |
2.5 |
2.5 |
2.4 |
0.2 |
tobacco |
978.5 |
2.3 |
2.0 |
2.0 |
2.2 |
2.1 |
2.1 |
1.9 |
0.2 |
Food, alcohol & tobacco |
193.3 |
2.6 |
3.3 |
3.2 |
3.0 |
2.5 |
2.4 |
2.5 |
0.0 |
processed food, alcohol & tobacco |
150.6 |
2.9 |
2.7 |
2.6 |
2.6 |
2.3 |
2.2 |
2.0 |
-0.2 |
unprocessed food |
42.7 |
1.6 |
5.4 |
5.5 |
4.7 |
3.2 |
3.2 |
4.2 |
0.8 |
Energy |
94.0 |
0.1 |
-2.4 |
-2.0 |
-0.4 |
-0.9 |
-0.5 |
-1.9 |
-0.8 |
Non-energy industrial goods |
256.3 |
0.5 |
0.8 |
0.8 |
0.8 |
0.6 |
0.5 |
0.4 |
-0.3 |
Services |
456.5 |
4.0 |
3.2 |
3.1 |
3.2 |
3.4 |
3.5 |
3.4 |
0.7 |
Source dataset: prc_hicp_manr and prc_hicp_mmor
|
|||||||||
Contributions to the euro area annual inflation rate (pp), selected aggregates |
|||||||
|---|---|---|---|---|---|---|---|
Dec 24 |
Jul 25 |
Aug 25 |
Sep 25 |
Oct 25 |
Nov 25 |
Dec 25 |
|
Food, alcohol & tobacco |
0.51 |
0.63 |
0.62 |
0.58 |
0.48 |
0.46 |
0.49 |
processed food, alcohol & tobacco |
0.44 |
0.40 |
0.39 |
0.39 |
0.35 |
0.33 |
0.31 |
unprocessed food |
0.07 |
0.23 |
0.23 |
0.20 |
0.14 |
0.14 |
0.18 |
Energy |
0.01 |
-0.23 |
-0.19 |
-0.03 |
-0.08 |
-0.04 |
-0.18 |
Non-energy industrial goods |
0.13 |
0.18 |
0.18 |
0.20 |
0.16 |
0.14 |
0.09 |
Services |
1.78 |
1.46 |
1.44 |
1.49 |
1.54 |
1.58 |
1.54 |
Source dataset: prc_hicp_ctrb
|
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Notes for users
Revisions and timetable
A flash estimate of euro area inflation is issued at the end of each reference month. The euro area flash estimate for December 2025, published on 7 January 2026, was 2.0%.
The next flash estimate of euro area inflation with data for January 2026 is scheduled for 4 February 2026.
Methods and definitions
Annual inflation is the price change of consumer goods and services between the current month and the same month of the previous year. Monthly inflation is the price change between the current month and the previous month.
A contribution shows how much of the annual inflation rate comes from a particular component of the HICP. The contributions are calculated according to a method which ensures their additivity (allowing for rounding).
Geographical information
Up to 31 December 2025, the euro area included Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland (EA20). From 1 January 2026, the euro area also includes Bulgaria (EA21).
The aggregate data series published in this Euro indicator release refer to the official composition of the euro area in the most recent month for which data are available. Thus, Euro indicator releases with data for months up to December 2025 represent EA20 series, while releases with data for January 2026 onwards will represent EA21 series.
The European Union (EU27) includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
The euro area and European Union data refer to the respective country compositions at a specific point in time. Changes in the composition of these aggregates are incorporated using a chain index formula.
For more information
Get in touch
Further information on data
E-mail: estat-hicp@ec.europa.eu