Compare annual US CPI inflation and eurozone HICP inflation with historical charts, observation dates and transparent source status.
THE COMPARISON
United States and Europe
Each value carries its own observation date. Europe means the euro area unless stated otherwise. All charts share the same five-year window; shorter source histories are marked. Click a chart to inspect dated values.
01
Inflation Rate
Annual consumer-price change. US CPI-U; euro-area HICP.
Inflation measures changes in consumer prices. The US series uses BLS’s all-items CPI-U for urban consumers, without seasonal adjustment, retrieved as FRED CPIAUCNS. We divide each index observation by the same month one year earlier, subtract one and multiply by 100. The euro-area series uses Eurostat’s all-items HICP annual rate via the ECB.
The baskets differ, including housing treatment, coverage and weights. Annual rates reflect base effects. Lower positive inflation means prices rise more slowly; deflation means the price level falls. High inflation may reduce purchasing power and prompt tighter policy, while falling inflation can reflect improved supply or weaker demand.
More than six years of US index history supports the complete five-year annual-rate chart. Missing source months are left blank, and the latest rate is checked against BLS’s release. European data use the HICP flow introduced in 2026, rather than the discontinued ICP series. Read inflation alongside employment and policy.
Can inflation indicate recession risk?
Inflation affects purchasing power, financing costs and policy choices. Both supply shocks and demand shifts matter. Inflation alone cannot establish whether a recession is coming; US CPI-U and euro-area HICP also use different baskets.