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At close · Wed, Sep 30, 2026
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Home›Bonds & Rates›Inflation›Eurozone inflation quickens to 3.8% in September

Eurozone inflation quickens to 3.8% in September

Core CPI, excluding energy, food, alcohol and tobacco, rose to 2.5% y/y, matching expectations, while energy drove most of the acceleration.

Eurozone headline inflation accelerated to 3.8% year on year in September, up from 3.2%, and came in above the 3.7% consensus, according to Action Forex. Prices also rose 0.6% month on month in the month.

The report showed the jump was dominated by energy, with energy inflation rising from 14.3% to 18.8% y/y and prices increasing another 3.9% m/m. Food, alcohol and tobacco inflation also firmed from 1.1% to 1.4%, while services inflation moved up from 3.0% to 3.2%.

Underlying inflation was more contained. Core CPI excluding energy, food, alcohol and tobacco edged from 2.4% to 2.5% y/y, exactly matching expectations, while the broader measure excluding energy rose from 2.1% to 2.3%. Non-energy industrial goods inflation eased from 1.2% to 1.1%, indicating the acceleration was not broad-based across core categories.

Action Forex said September delivered a hotter headline but a contained underlying picture, characterizing it primarily as an intensifying energy-led inflation shock rather than a broad surge in core prices.

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