Inflation G20 2003
Average inflation: 3.3%
Current Inflation
Inflation is high at 3.3%, well above the ECB target.
Peak and Trough
The highest inflation was in March at 4.0%. The lowest inflation was in November at 2.8%.
- Highest month
- March: 4.0%
- Lowest month
- November: 2.8%
- Difference
- 1.2 percentage points
- Months with data
- 12 of 12
Historical Context
Current inflation is 0.6% lower than the 5-year average of 3.9%. This approaches the lowest level since records began (3.3% in 2003).
- 5-year average
- 3.9%
- 10-year average
- 3.9%
- All-time high (2000)
- 4.5%
- All-time low (2003)
- 3.3%
Trend
Inflation has remained relatively stable. Compared to 2002, the difference is minimal (-0.2 percentage point).
- Change vs. previous year
- -0.2 percentage points
- Largest monthly swing
- November: -0.7 percentage points
ECB Target
Inflation is 1.3% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2003
Month overview
| Month | Inflation | Difference vs. 2002 |
|---|---|---|
| January | 3.6% | -0.4 |
| February | 3.8% | -0.2 |
| March | 4.0% | +0.1 |
| April | 3.6% | -0.1 |
| May | 3.4% | +0.1 |
| June | 3.3% | +0.2 |
| July | 3.2% | 0.0 |
| August | 3.2% | -0.2 |
| September | 3.2% | 0.0 |
| October | 3.1% | -0.2 |
| November | 2.8% | -0.7 |
| December | 2.8% | -0.7 |
| Average | 3.3% |
Data source
Data from OECD. Last updated: 24/11/2025.