Euro Area HICP Index Level: Monthly Data Since 1996

Using the HICP index for real-value calculations

While the annual rate of change (headline HICP) captures the flow of inflation, the index level captures the stock — the cumulative effect of price changes since the base year (2025=100). In August 2026 the index stood at 103.7, meaning the euro area price level has risen about 3.7% since the 2025 average; measured from the start of the series in 1996 (55.1), it has close to doubled.

For researchers and analysts, the index level is the more useful series: divide any nominal euro-denominated time series by this index (and multiply by 100) to obtain real, inflation-adjusted values. Underlying series: the ECB Data Portal series for Euro Area HICP Index Level. This is how Eco3min computes datasets like the Real Deposit Facility Rate (DFR minus HICP).

Methodological note

Eurostat began a major methodological revision of the HICP in February 2026, including changes to weights, classifications, and seasonal adjustment. The ECB moved the series from the legacy ICP dataflow, frozen at December 2025, to the new HICP dataflow (data provider code 4D0), and the index was rebased from 2015=100 to 2025=100. This dataset follows the new dataflow: the full history since 1996 is expressed on the 2025 base, so earlier levels quoted on the 2015 base are not directly comparable.

CSV Data Dictionary

Python Code Example

import pandas as pd
from io import StringIO
import requests

url = "https://data-api.ecb.europa.eu/service/data/HICP/M.U2.N.000000.4D0.INX"
resp = requests.get(url, params={"format": "csvdata"})
raw = pd.read_csv(StringIO(resp.text))

df = raw[["TIME_PERIOD", "OBS_VALUE"]].copy()
df.columns = ["date", "hicp_index"]
df["date"] = pd.to_datetime(df["date"] + "-01")
df = df.sort_values("date").set_index("date")

df.plot(title="Euro Area HICP Index (2025=100)", figsize=(12, 5))

Related ECB Datasets

Source & Methodology

Source: ECB / Eurostat — HICP All-items index

Series key: HICP/M.U2.N.000000.4D0.INX

License: ECB open data — free reuse with attribution.

Cite This Dataset

Eco3min Research. (2026). Euro Area HICP Index Level (1996–2026). Source: ECB. https://eco3min.fr/en/euro-area-hicp-index-level-dataset/