Inflation Rate (CPI/HICP) by Country

What is Inflation Rate (CPI/HICP)?

Headline CPI (Consumer Price Index) measures the year-over-year change in the cost of a representative basket of consumer goods and services. It is the single most-watched macro release in any currency because it is the variable central banks are explicitly tasked with controlling, usually around a 2 percent target.

Why it matters for FX

FX markets do not react to inflation in isolation — they react to what the print implies for the central bank's next move. A hot CPI surprise typically pulls forward rate-hike expectations and lifts the currency on the day; a cold print does the opposite. Persistent above-target inflation forces a hawkish reaction function and structurally supports the currency through wider rate differentials, while disinflation invites cuts and weighs on it.

How to read this page

Headline figures are usually quoted year-over-year in percent. The level matters less than the gap to the central bank's target and the trajectory: a 3 percent print falling from 4 percent is interpreted very differently from 3 percent rising from 2 percent. Look at this table alongside the policy_rate and core_inflation pages to build a full picture of each currency's monetary backdrop.

What to watch for

• Beat or miss versus consensus (the surprise, not the level)
• Core (ex food and energy) staying sticky while headline cools
• Services inflation and shelter inflation as wage proxies
• Base effects rolling off and one-off energy spikes
• Year-over-year vs month-over-month divergence