Inflation G20 2004
Average inflation: 3.1%
Current Inflation
Inflation is high at 3.1%, well above the ECB target.
Peak and Trough
The highest inflation was in October at 3.5%. The lowest inflation was in March at 2.4%.
- Highest month
- October: 3.5%
- Lowest month
- March: 2.4%
- Difference
- 1.1 percentage points
- Months with data
- 12 of 12
Historical Context
Current inflation is 0.6% lower than the 5-year average of 3.7%. This approaches the lowest level since records began (3.1% in 2004).
- 5-year average
- 3.7%
- 10-year average
- 3.7%
- All-time high (2000)
- 4.5%
- All-time low (2004)
- 3.1%
Trend
Inflation has remained relatively stable. Compared to 2003, the difference is minimal (-0.2 percentage point).
- Change vs. previous year
- -0.2 percentage points
- Largest monthly swing
- March: -1.6 percentage points
ECB Target
Inflation is 1.1% 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 €103.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2004
Month overview
| Month | Inflation | Difference vs. 2003 |
|---|---|---|
| January | 2.8% | -0.8 |
| February | 2.5% | -1.3 |
| March | 2.4% | -1.6 |
| April | 2.6% | -1.0 |
| May | 3.1% | -0.3 |
| June | 3.3% | 0.0 |
| July | 3.3% | +0.1 |
| August | 3.3% | +0.1 |
| September | 3.2% | 0.0 |
| October | 3.5% | +0.4 |
| November | 3.5% | +0.7 |
| December | 3.3% | +0.5 |
| Average | 3.1% |
Data source
Data from OECD. Last updated: 24/11/2025.