Euro inflation rate in 2024: 0.76%

Inflation in 2024 and its effect on euro value

€1 in 2023 is equivalent in purchasing power to about €1.01 today. The euro had an average inflation rate of 0.76% in the last 12 months. As a result, the real value of a euro has been decreasing recently. Purchasing power decreased by 0.76% in 2024 compared to 2023. On average, you would have to spend 0.76% more money in 2024 than in 2023 for the same item.

This means that today's prices are 1.01 times as high as average prices since 2023, according to the European Central Bank consumer price index. A euro today only buys 99.010% of what it could buy back then.

The inflation rate in 2023 was 6.28%. The current inflation rate compared to the end of last year is now 0.76%. If this number holds, €1 today will be equivalent in buying power to €1.01 next year.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2024 is 127.77. It was 126.81 in the previous year, 2023. The difference in CPI between the years is used by the European Central Bank to officially determine inflation.


Inflation from 2023 to 2024
Average inflation rate0.76%
Converted amount
€1 base
€1.01
Price difference
€1 base
€0.01
CPI in 2023126.812
CPI in 2024127.770
Inflation in 20236.28%
Inflation in 20240.76%
€1 in 2023€1.01 in 2024

Recent EUR inflation
Annual Rate, the European Central Bank CPI
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How to calculate inflation rate for €1 since 2023

Our calculations use the following inflation rate formula to calculate the change in value between 2023 and today:

CPI today CPI in 2023
×
2023 EUR value
=
Today's value

Then plug in historical CPI values. The Euro CPI was 126.8118182 in the year 2023 and 127.77 in 2024:

127.77126.8118182
×
€1
=
€1.01

€1 in 2023 has the same "purchasing power" or "buying power" as €1.01 in 2024.

To get the total inflation rate for the 1 years between 2023 and 2024, we use the following formula:

CPI in 2024 - CPI in 2023CPI in 2023
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

127.77 - 126.8118182126.8118182
×
100
=
1%

Data source & citation

Raw data for these calculations comes from the European Commission and the European Central Bank's Harmonized Index of Consumer prices (HICP), which is computed based on the reported consumer price indices in member countries of the European Union.

You may use the following MLA citation for this page: “Inflation Rate in 2024 | Euro Inflation Calculator.” Official Inflation Data, Alioth Finance, 12 Jun. 2024, https://www.officialdata.org/Euro-inflation-rate-in-2024.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Inflation from 2023 to 2024
Average inflation rate0.76%
Converted amount
€1 base
€1.01
Price difference
€1 base
€0.01
CPI in 2023126.812
CPI in 2024127.770
Inflation in 20236.28%
Inflation in 20240.76%
€1 in 2023€1.01 in 2024