Capital market · Inflation
Inflation: consumer prices, rents and real interest rate
Inflation rates for consumer prices, residential rents, services and energy, plus real interest rates – with relevance for management costs, index-linked rents and ground rents.
Data as of: 10 Oct 2026 · updated daily from the time series databases of the sources
Key figures
Current inflation rates
Consumer prices
Inflation in Germany
Change vs. same month of the prior year in percent.
Consumer prices overall: CPI and HICP
% vs. prior year
- Consumer price index (CPI)3.30 %Sep 2026 · +0.90 percentage points vs. prior year
- Harmonised Index of Consumer Prices (HICP)3.30 %Sep 2026 · +1.00 percentage points vs. prior year
Rents, services and energy
% vs. prior year
- Residential rents2.20 %Aug 2026 · +0.10 percentage points vs. prior year
- Services2.80 %Sep 2026 · −0.60 percentage points vs. prior year
- Energy13.40 %Sep 2026 · +14.10 percentage points vs. prior year
Rents and overall inflation
% vs. prior year
- Residential rents (HICP)2.20 %Aug 2026 · +0.10 percentage points vs. prior year
- Consumer prices overall3.30 %Sep 2026 · +0.90 percentage points vs. prior year
Consumer prices since 1950
% vs. prior year
- Consumer price index, change vs. same month of prior year3.30 %Sep 2026 · +0.90 percentage points vs. prior year
Inflation, key rate and federal bond
%
- Inflation rate (CPI)3.30 %Sep 2026 · +0.90 percentage points vs. prior year
- ECB key rate2.65 %Sep 2026 · +0.50 percentage points vs. prior year
- Yield on 10-year federal bonds3.60 %Sep 2026 · +0.87 percentage points vs. prior year
Real mortgage rate
Percentage points
Building prices and consumer prices
% vs. prior year
- Construction price index, residential buildingsrd. +5.0 %vs. prior year · Q2 2026
Net cold rents Bavaria: change vs. same quarter of prior year
% vs. prior year
- Net cold rent index Bavariard. +2.0 %vs. prior year · Q2 2026
Context
Inflation in valuation
The market value is determined under § 194 BauGB by the price that could be achieved in the ordinary course of business on the valuation date. Decisive are the general value conditions on the valuation date: the totality of circumstances relevant to price formation, such as the general economic situation, capital market conditions and the economic and demographic developments of the area (§ 2 para. 2 ImmoWertV). They enter the valuation procedure through the input data and the market adjustment (§ 7 ImmoWertV).
The consumer price index plays a role in valuation in several places:
- Management costs: The model values for administration and maintenance costs in Annex 3 ImmoWertV are updated annually with the consumer price index; the October value of the previous year applies (Annex 3 No. III ImmoWertV). Calculator: Management costs under Annex 3.
- Index-linked rents: With an index-linked rent under § 557b BGB, the rent follows the consumer price index for Germany; in commercial leases, value-protection clauses under the Price Clause Act (Preisklauselgesetz) are common. Inflation thus determines contractual income.
- Ground rent (Erbbauzins): Adjustment clauses usually refer to the consumer price index; for residential use, § 9a ErbbauRG limits the increase.
- Real interest rate: The difference between nominal interest rate and inflation rate affects demand for real assets.
Questions and answers
Frequently asked questions
Briefly answered, with source reference.
How high is inflation currently?
Consumer prices in Sep 2026 were 3.3 % above the same month of the prior year; residential rents in the HICP most recently rose by 2.2 % (Aug 2026).
What is the difference between CPI and HICP?
The CPI is the national consumer price index of the Federal Statistical Office. The HICP is calculated under EU-wide rules and serves the ECB as a measure of price stability; among other things it does not include owner-occupied housing.
Which index applies to index-linked rents?
The price index for the cost of living of all private households in Germany determined by the Federal Statistical Office, i.e. the consumer price index (§ 557b para. 1 BGB).