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Eurozone Inflation Surges in March on Middle East Energy Shock
Euro area annual inflation climbed to 2.5% in March 2026, up from 1.9% in February and slightly below market expectations of 2.6%, according to a preliminary estimate. This marked the highest rate since January 2025, pushing inflation above the ECB’s 2% target as energy costs soared 4.9%, the first annual increase in nearly a year and the sharpest since February 2023, driven by the Middle East conflict. Meanwhile, price pressures eased in other sectors: services inflation slowed to 3.2% (from 3.4%), non-energy industrial goods fell to 0.5% (from 0.7%), and food, alcohol, and tobacco dipped to 2.4% (from 2.5%). The core rate, excluding volatile energy, also cooled to 2.3% from 2.4%. Among the Eurozone’s largest economies, inflation accelerated sharply in Germany (2.8% vs. 2.0%), France (1.9% vs. 1.1%), Spain (3.3% vs. 2.5%), and the Netherlands (2.6% vs. 2.3%), while Italy's rate remained stable at 1.5%.
Published on 2026-03-31

Eurozone Inflation Surges in March on Energy Shock
Euro area annual inflation climbed to 2.5% in March 2026, up from 1.9% in February and slightly below market expectations of 2.6%, according to a preliminary estimate. This marked the highest rate since January 2025, pushing inflation above the ECB’s 2% target as energy costs soared 4.9%, the first annual increase in nearly a year and the sharpest since February 2023, driven by the Middle East conflict. Meanwhile, price pressures eased in other sectors: services inflation slowed to 3.2% (from 3.4%), non-energy industrial goods fell to 0.5% (from 0.7%), and food, alcohol, and tobacco dipped to 2.4% (from 2.5%). The core rate, excluding volatile energy, also cooled to 2.3% from 2.4%. Among the Eurozone’s largest economies, inflation accelerated sharply in Germany (2.8% vs. 2.0%), France (1.9% vs. 1.1%), Spain (3.3% vs. 2.5%), and the Netherlands (2.6% vs. 2.3%), while Italy's rate remained stable at 1.5%.
Published on 2026-03-31

Eurozone Inflation Surges in March on Middle East Energy Shock
Euro area annual inflation climbed to 2.5% in March 2026, up from 1.9% in February and slightly below market expectations of 2.6%, according to a preliminary estimate. This marked the highest rate since January 2025, pushing inflation above the ECB’s 2% target as energy costs soared 4.9%, the first annual increase in nearly a year and the sharpest since February 2023, driven by the Middle East conflict. Meanwhile, price pressures eased in other sectors: services inflation slowed to 3.2% (from 3.4%), non-energy industrial goods fell to 0.5% (from 0.7%), and food, alcohol, and tobacco dipped to 2.4% (from 2.5%). The core rate, excluding volatile energy, also cooled to 2.3% from 2.4%.
Published on 2026-03-31

Eurozone February Inflation Rate Confirmed at 1.9%
The Eurozone’s annual inflation rate was confirmed at 1.9% in February 2026, up from January’s 16-month low of 1.7%, driven by a notable acceleration in services inflation, which climbed to 3.4% from 3.2%, and a pickup in non-energy industrial goods inflation, rising to 0.7% from 0.4%. Meanwhile, food, alcohol, and tobacco inflation edged down slightly to 2.5% from 2.6%, while energy prices continued to decline, though at a slower pace, falling 3.1% compared to January’s 4.0% drop. Core inflation, which excludes volatile energy, food, alcohol, and tobacco prices, increased to 2.4%, rebounding from January’s more than four-year low of 2.2%. Among the bloc’s largest economies, the Harmonised Index of Consumer Prices accelerated in France (1.1% vs. 0.4%), Spain (2.5% vs. 2.4%) and Italy (1.5% vs. 1.0%), while easing slightly in Germany (2.0% vs. 2.1%).
Published on 2026-03-18

Euro Area Inflation Rebounds to 1.9% in February
Annual inflation in the Euro Area rose to 1.9% in February 2026, up from January’s 16-month low of 1.7% and above market expectations of 1.7%, according to a preliminary estimate. Price pressures strengthened notably in services, where inflation accelerated to 3.4% from 3.2%, while non-energy industrial goods inflation picked up to 0.7% from 0.4%. Energy prices continued to decline, but at a slower pace, falling 3.2% compared with a 4.0% drop in January. Food, alcohol and tobacco inflation held steady at 2.6%. Core inflation, which excludes energy, food, alcohol and tobacco, rose to 2.4%, rebounding from January’s more than four-year low of 2.2%. Among the bloc’s largest economies, the Harmonised Index of Consumer Prices (HICP) accelerated in France (1.1% vs. 0.4%), Spain (2.5% vs. 2.4%) and Italy (1.6% vs. 1.0%), while easing slightly in Germany (2.0% vs. 2.1%).
Published on 2026-03-03

Euro Area Inflation Rebounds to 1.9% in February
Annual inflation in the Euro Area rose to 1.9% in February 2026, up from January’s 16-month low of 1.7% and above market expectations of 1.7%, according to a preliminary estimate. Price pressures strengthened notably in services, where inflation accelerated to 3.4% from 3.2%, while non-energy industrial goods inflation picked up to 0.7% from 0.4%. Energy prices continued to decline, but at a slower pace, falling 3.2% compared with a 4.0% drop in January. Food, alcohol and tobacco inflation held steady at 2.6%. Core inflation, which excludes energy, food, alcohol and tobacco, rose to 2.4%, rebounding from January’s more than four-year low of 2.2%. Among the bloc’s largest economies, the Harmonised Index of Consumer Prices (HICP) accelerated in France (1.1% vs. 0.4%), Spain (2.5% vs. 2.4%) and Italy (1.6% vs. 1.0%), while easing slightly in Germany (2.0% vs. 2.1%).
Published on 2026-03-03

Euro Area Inflation Confirmed at 16-Month Low
Annual inflation in the Euro Area was confirmed at 1.7% in January 2026, down from 2.0% in December and marking its lowest level since September 2024. The moderation coincided with a strong appreciation of the euro, which climbed above $1.20 at the end of the month, its highest level in more than four years. Price growth slowed for both services (3.2% vs 3.4% in December) and processed food, alcohol & tobacco (2.0% vs 2.1%), while energy prices fell further, dropping 4.0% compared with a 1.9% decline in December. By contrast, inflation picked up for unprocessed food (4.2% vs. 3.5%) and non-energy industrial goods (0.4% vs. 0.3%). Core inflation, which excludes energy, food, alcohol, and tobacco, fell to 2.2%, its lowest level since October 2021. Among the largest eurozone economies, harmonized inflation slowed in France (0.4% vs. 0.7%), Spain (2.4% vs. 3.0%), and Italy (1.0% vs. 1.2%), while it edged higher in Germany (2.1% vs. 2.0%).
Published on 2026-02-25

Eurozone Inflation Slows to 1.7% in January
Euro area annual inflation eased to 1.7% year-on-year in January 2026, down from 2.0% in December and in line with market expectations, marking its lowest level since September 2024. The decline came as the euro surged to a more than four-year high above $1.20 at month-end. Services inflation slowed to a four-month low of 3.2%, while energy prices fell further, dropping 4.1% compared with a 1.9% decline in December. By contrast, inflation picked up for unprocessed food (4.4% vs. 3.5%) and non-energy industrial goods (0.4% vs. 0.3%), while price growth for processed food, alcohol, and tobacco remained unchanged at 2.1%. Core inflation, excluding energy, food, alcohol, and tobacco, fell to 2.2%, the lowest since October 2021 and slightly below expectations of 2.3%. Among major eurozone economies, HICP eased in France (0.4% vs. 0.7%), Spain (2.5% vs. 3.0%), and Italy (1.0% vs. 1.2%), but rose in Germany (2.1% vs. 2.0%).
Published on 2026-02-04

Eurozone Inflation Slows to 1.7% in January
Euro area annual inflation eased to 1.7% year-on-year in January 2026, down from 2.0% in December and in line with market expectations, marking its lowest level since September 2024. The decline came as the euro surged to a more than four-year high above $1.20 at month-end. Services inflation slowed to a four-month low of 3.2%, while energy prices fell further, dropping 4.1% compared with a 1.9% decline in December. By contrast, inflation picked up for unprocessed food (4.4% vs. 3.5%) and non-energy industrial goods (0.4% vs. 0.3%), while price growth for processed food, alcohol, and tobacco remained unchanged at 2.1%. Core inflation, excluding energy, food, alcohol, and tobacco, fell to 2.2%, the lowest since October 2021 and slightly below expectations of 2.3%. Among major eurozone economies, HICP eased in France (0.4% vs. 0.7%), Spain (2.5% vs. 3.0%), and Italy (1.0% vs. 1.2%), but rose in Germany (2.1% vs. 2.0%).
Published on 2026-02-04

Eurozone Inflation Falls Below ECB Target
Eurozone consumer price inflation eased to 1.9% in December 2025, down from 2.1% in November and slightly under the preliminary estimate of 2.0%. It marked the first time since May that inflation has come in below the European Central Bank’s 2% target, reinforcing expectations that interest rates will remain on hold for an extended period. Services inflation moderated to 3.4% from 3.5%, while price growth for non-energy industrial goods softened to 0.4% from 0.5%. Energy prices fell more sharply, declining 1.9% year-on-year compared with a 0.5% drop in November. By contrast, inflation in food, alcohol, and tobacco edged higher to 2.5% from 2.4%. Core inflation, excluding energy, food, alcohol, and tobacco, slipped to 2.3%, its lowest level in four months. Among the euro area’s largest economies, harmonized inflation cooled in Germany (2.0% vs. 2.6%), France (0.7% vs. 0.8%), and Spain (3.0% vs. 3.2%). Italy was the exception, with HICP inflation ticking up modestly to 1.2% from 1.1%.
Published on 2026-01-19

Eurozone Inflation Falls Below ECB Target
Eurozone consumer price inflation eased to 1.9% in December 2025, down from 2.1% in November and slightly under the preliminary estimate of 2.0%. It marked the first time since May that inflation has come in below the European Central Bank’s 2% target, reinforcing expectations that interest rates will remain on hold for an extended period. Services inflation moderated to 3.4% from 3.5%, while price growth for non-energy industrial goods softened to 0.4% from 0.5%. Energy prices fell more sharply, declining 1.9% year-on-year compared with a 0.5% drop in November. By contrast, inflation in food, alcohol, and tobacco edged higher to 2.5% from 2.4%. Core inflation, excluding energy, food, alcohol, and tobacco, slipped to 2.3%, its lowest level in four months. Among the euro area’s largest economies, harmonized inflation cooled in Germany (2.0% vs. 2.6%), France (0.7% vs. 0.8%), and Spain (3.0% vs. 3.2%). Italy was the exception, with HICP inflation ticking up modestly to 1.2% from 1.1%.
Published on 2026-01-19

Eurozone Inflation Eases to ECB Target
Euro area consumer price inflation eased to 2.0% in December 2025, down from 2.1% in November, according to a preliminary estimate. This marks the lowest rate since August, returning to the ECB’s midpoint target and reinforcing expectations that interest rates are likely to remain steady for the foreseeable future. The slowdown reflected a modest easing in price growth for services (3.4% vs. 3.5% in November) and non-energy industrial goods (0.4% vs. 0.5%), alongside a sharper decline in energy costs (-1.9% vs. -0.5%). In contrast, prices for food, alcohol, and tobacco accelerated slightly to 2.6% from 2.4%. Core inflation, which excludes energy, food, alcohol, and tobacco, fell to 2.3%, the lowest in four months and just below expectations of 2.4%. Among Europe’s largest economies, HICP rates eased in Germany (2.0% vs. 2.6%), France (0.7% vs. 0.8%), and Spain (3.0% vs. 3.2%), while Italy bucked the trend with harmonized inflation rising slightly to 1.2% from 1.1%.
Published on 2026-01-07

Eurozone Inflation Eases to ECB Target
Euro area consumer price inflation eased to 2.0% in December 2025, down from 2.1% in November and in line with market expectations, according to a preliminary estimate. This marks the lowest rate since August, returning to the ECB’s midpoint target and reinforcing expectations that interest rates are likely to remain steady for the foreseeable future. The slowdown reflected a modest easing in price growth for services (3.4% vs. 3.5% in November) and non-energy industrial goods (0.4% vs. 0.5%), alongside a sharper decline in energy costs (-1.9% vs. -0.5%). In contrast, prices for food, alcohol, and tobacco accelerated slightly to 2.6% from 2.4%. Core inflation, which excludes energy, food, alcohol, and tobacco, fell to 2.3%, the lowest in four months and just below expectations of 2.4%.
Published on 2026-01-07

Euro Area Inflation Rate Revised Down to 2.1%
The annual inflation rate in the Eurozone was revised down to 2.1% in November 2025 from a preliminary of 2.2%, matching the October reading. Prices slowed for food, alcohol and tobacco (2.4% vs 2.5%) and non-energy industrial goods (0.5% vs 0.6%) but accelerated for services (3.5% vs 3.4%) and fell less for energy (-0.5% vs -0.9%). The lowest annual rates were registered in Cyprus (0.1%), France (0.8%) and Italy (1.1%) while the highest rates were recorded in Estonia (4.7%) and Croatia (4.3%). Inflation in Germany was 2.6% and in Spain it topped 3.2%. Meanwhile, the CPI fell 0.3% from the previous month, the first decline since January and in line with forecasts. Annual core inflation rate steadied at 2.4% for a second month.
Published on 2025-12-17

Euro Area Inflation Edges Higher in November
Euro area consumer price inflation rose to 2.2% in November 2025, up from 2.1% in October and slightly above market expectations of 2.1%, according to a preliminary estimate. Services inflation accelerated to 3.5% from 3.4%, marking its highest level since April, while energy prices declined at a slower pace (-0.5% versus -0.9% in October). Inflation remained unchanged for both non-energy industrial goods (0.6%) and food, alcohol, and tobacco (2.5%). Core inflation, which excludes energy, food, alcohol, and tobacco, held steady at 2.4%, slightly below the forecast of 2.5%. Among Europe’s largest economies, Germany saw its inflation rate accelerate to 2.6%, the highest since February and above the ECB’s 2% target. In contrast, Spain’s HICP eased slightly to 3.1% from 3.2%, and the Netherlands’ rate fell to 2.6% from 3.0%. Meanwhile, inflation in France and Italy remained well below target, at 0.8% and 1.1%, respectively.
Published on 2025-12-02

Euro Area Inflation Edges Higher in November
Euro area consumer price inflation rose to 2.2% in November 2025, up from 2.1% in October and slightly above market expectations of 2.1%, according to a preliminary estimate. Services inflation accelerated to 3.5% from 3.4%, marking its highest level since April, while energy prices declined at a slower pace (-0.5% versus -0.9% in October). Inflation remained unchanged for both non-energy industrial goods (0.6%) and food, alcohol, and tobacco (2.5%). Core inflation, which excludes energy, food, alcohol, and tobacco, held steady at 2.4%, slightly below the forecast of 2.5%.
Published on 2025-12-02

Eurozone Inflation Confirmed at 2.1% in October
The Eurozone annual inflation rate held at 2.1% in October 2025, down slightly from 2.2% in September, staying close to the European Central Bank’s 2% target. Food, alcohol, and tobacco prices rose more slowly at 2.5%, compared with 3.0% the previous month, driven by slower gains in both processed food (2.3% vs 2.6%) and unprocessed food (3.2% vs 4.7%). Non-energy industrial goods inflation eased to 0.6% from 0.8%, while energy costs fell more sharply at -0.9% versus -0.4%. In contrast, services inflation accelerated for a second consecutive month, reaching 3.4%, the highest level since April, while core inflation, excluding energy, food, alcohol, and tobacco, remained steady at 2.4%. Among the largest Eurozone economies, inflation slowed in Germany (2.3% vs 2.4%), Italy (1.3% vs 1.8%), and France (0.8% vs 1.1%), but Spain saw a rise to 3.2% from 3.0%.
Published on 2025-11-19

Eurozone Inflation Eases to 2.1% in October
Euro area consumer price inflation eased to 2.1% in October 2025, in line with market expectations and down from 2.2% in September, edging closer to the ECB’s 2% target, according to preliminary data. Food, alcohol, and tobacco prices rose more slowly at 2.5%, versus 3.0% the previous month, led by both processed (2.4% vs 2.6%) and unprocessed food (3.2% vs 4.7%). Non-energy industrial goods inflation eased to 0.6% from 0.8%, while energy costs fell more sharply at -1.0% versus -0.4%. In contrast, services inflation accelerated for a second straight month to 3.4%, the highest since April, while core inflation, excluding energy, food, alcohol, and tobacco, remained stable at 2.4%, slightly above forecasts of 2.3%.
Published on 2025-10-31

Euro Area Inflation Rises Slightly Above ECB Target
Euro area consumer price inflation was confirmed at 2.2% year-on-year in September 2025, up from 2.0% over the previous three months and slightly above the ECB’s 2.0% mid-point target. Services inflation edged higher to 3.2% from 3.1% in August, while energy costs declined only 0.4%, compared with a 2.0% drop previously. Prices for food, alcohol, and tobacco rose more slowly at 3.0%, down from 3.2%, reflecting weaker unprocessed food inflation. Non-energy industrial goods inflation remained steady at 0.8%. Meanwhile, core inflation—which excludes energy, food, alcohol, and tobacco—rose to 2.4%, above the preliminary 2.3% estimate and reversing an over three-year low of 2.3% in August, signaling persistent underlying price pressures.
Published on 2025-10-17

Euro Area Inflation Rises Slightly Above ECB Target as Core Prices Accelerate
Euro area consumer price inflation was confirmed at 2.2% year-on-year in September 2025, up from 2.0% over the previous three months and slightly above the ECB’s 2.0% mid-point target. Services inflation edged higher to 3.2% from 3.1% in August, while energy costs declined only 0.4%, compared with a 2.0% drop previously. Prices for food, alcohol, and tobacco rose more slowly at 3.0%, down from 3.2%, reflecting weaker unprocessed food inflation. Non-energy industrial goods inflation remained steady at 0.8%. Meanwhile, core inflation—which excludes energy, food, alcohol, and tobacco—rose to 2.4%, above the preliminary 2.3% estimate and reversing an over three-year low of 2.3% in August, signaling persistent underlying price pressures.
Published on 2025-10-17