# Euro-area real money growth | PIER20 benchmarks

Is euro-area broad money growing faster than prices?

Euro-area real money growth tracks M3 YoY and HICP YoY. It uses monthly data.

The latest data is from **June 2026**. The M3 YoY reading is **4.02%**. The HICP YoY reading is **2.80%**. The Real M3 growth reading is **1.22 pp**. The M3 YoY line is up 0.6 pp over the past year. It is below its long-run median of 5.01%.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| M3 YoY | 3.82 | 4.02 | -2.11 | 12.80 |
| HICP YoY | 2.10 | 2.80 | -0.70 | 10.60 |
| Real M3 growth | 1.72 | 1.22 | -6.36 | 11.82 |

## Last 24 readings

| Date | M3 YoY | HICP YoY | Real M3 growth |
|---|---|---|---|
| Jun 2024 | 2.40 | 2.50 | -0.10 |
| Jul 2024 | 2.55 | 2.60 | -0.05 |
| Aug 2024 | 3.22 | 2.20 | 1.02 |
| Sep 2024 | 3.47 | 1.70 | 1.77 |
| Oct 2024 | 3.74 | 2.00 | 1.74 |
| Nov 2024 | 4.29 | 2.20 | 2.09 |
| Dec 2024 | 4.13 | 2.40 | 1.73 |
| Jan 2025 | 4.17 | 2.50 | 1.67 |
| Mar 2025 | 4.09 | 2.20 | 1.89 |
| Apr 2025 | 4.15 | 2.20 | 1.95 |
| May 2025 | 4.16 | 1.90 | 2.26 |
| Jun 2025 | 3.45 | 2.00 | 1.45 |
| Jul 2025 | 3.41 | 2.00 | 1.41 |
| Aug 2025 | 2.82 | 2.00 | 0.82 |
| Sep 2025 | 2.68 | 2.20 | 0.48 |
| Oct 2025 | 3.03 | 2.10 | 0.93 |
| Nov 2025 | 2.91 | 2.10 | 0.81 |
| Dec 2025 | 2.61 | 2.00 | 0.61 |
| Jan 2026 | 3.23 | 1.70 | 1.53 |
| Feb 2026 | 3.02 | 1.90 | 1.12 |
| Mar 2026 | 3.63 | 2.60 | 1.03 |
| Apr 2026 | 3.35 | 3.00 | 0.35 |
| May 2026 | 3.59 | 3.20 | 0.39 |
| Jun 2026 | 4.02 | 2.80 | 1.22 |

## How to read this benchmark

**How to read it.** Real M3 growth equals M3 growth minus HICP inflation. A positive value means broad money grows faster than consumer prices.

## How this benchmark is used

**Why traders watch it.** Traders use this benchmark to test whether euro liquidity growth exceeds inflation.

## Frequently asked questions

**What is the latest reading for Euro-area real money growth?**

The latest data is from June 2026. The M3 YoY reading is 4.02%. The HICP YoY reading is 2.80%. The Real M3 growth reading is 1.22 pp. The M3 YoY line is up 0.6 pp over the past year. It is below its long-run median of 5.01%.

**How often does this benchmark update?**

The source publishes monthly data. PIER20 updates the page after each new observation. The chart shows the data date and fetch date.

**What data sources does this chart use?**

The European Central Bank Data Portal publishes the data. The methodology section lists each source series.

**Where does the data come from?**

The European Central Bank (ECB) publishes the source data. The source table lists each series and its exact link.

## Methodology

- Formula: M3 YoY and HICP YoY
- Frequency: Monthly
- Sources: M3 YoY (m3-yoy) https://data-api.ecb.europa.eu/service/data/BSI/M.U2.Y.V.M30.X.1.U2.2300.Z01.E; HICP YoY (hicp-yoy) https://data-api.ecb.europa.eu/service/data/HICP/M.U2.N.000000.4D0.ANR; Real M3 growth (real-m3-growth) https://data-api.ecb.europa.eu/service/data/BSI/M.U2.Y.V.M30.X.1.U2.2300.Z01.E. Data via the European Central Bank Data Portal.
- Data through: June 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/euro-area-real-money-growth
Disclaimer: research software output, not investment advice.