Euro area annual inflation accelerated to 3.8% in September from 3.2% in August, driven by energy prices surging 18.8%. Core inflation edged up to 2.5%.

Eurozone annual inflation rose to 3.8% in September 2026, up from 3.2% in August and reaching its highest level since September 2023, according to Eurostat. The increase marked the third consecutive month of acceleration. Energy recorded the highest annual rate at 18.8%, up sharply from 14.3% in August, while services inflation picked up to 3.2% from 3.0%. Food, alcohol and tobacco inflation rose to 1.4% from 1.1%. Core inflation, excluding energy, food, alcohol and tobacco, edged up to 2.5% from 2.4%.

Among the largest economies, Spain recorded the highest rate at 5.0%, followed by Italy at 4.1%, France at 3.4%, and Germany at 3.3%. The data adds pressure on the ECB ahead of its October 29 meeting, though the central bank is still widely expected to hold rates steady, with December seen as the more likely window for a further hike.