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Nordea says euro-area inflation rises, expects no ECB rate hike

Nordea attributes the September acceleration mainly to energy and food prices, while it says core inflation is relatively stable.

Reported · Written up by our desk · Central Banks

Nordea’s Global Macro team, including Tuuli Koivu, Jan von Gerich and Anders Svendsen, said euro-area inflation accelerated in September, with the pickup driven mainly by energy and food.

They added that core inflation remains relatively stable and that broader price pressures are moderate.

Nordea also said it does not expect the European Central Bank to raise rates at the upcoming policy meeting, citing uncertainty around future energy price pressures linked to oil-market developments.

The team pointed to ongoing geopolitical tensions in the Middle East alongside signs that global oil production estimates and Red Sea traffic could still create upside surprises for energy prices.

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