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Analysis

Euro-area annual HICP rises to 3.2 per cent in August

Eurostat put euro-area annual HICP at 3.2 per cent in August, up from 2.9 per cent in July. The ECB Consumer Expectations Survey the same week lifted the 12-month inflation median to 3.0 per cent from 2.9 per cent.

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HICP at 3.2 per cent

Eurostat's 17 September release said euro-area annual HICP was 3.2 per cent in August 2026, up from 2.9 per cent in July, with a 0.4 per cent rise on the month. The EU annual rate was also 3.2 per cent. Services contributed 1.43 percentage points and energy 1.29 percentage points to the euro-area annual rate. Non-energy industrial goods added 0.30 percentage points and food, alcohol and tobacco 0.22.[1]

Large members diverge

Eurostat said Germany's annual rate was 2.9 per cent, France 2.6 per cent, Italy 3.2 per cent and Spain 4.6 per cent among large members. The release noted the next euro-indicators publication is scheduled for 16 October. Those national prints sit in the same August HICP table the headline rate summarizes.[1]

Expectations tick higher

The ECB Consumer Expectations Survey for August, published 18 September, left median perceived inflation over the past 12 months at 3.5 per cent. Median expectations for inflation over the next 12 months rose to 3.0 per cent from 2.9 per cent; three years ahead moved to 2.9 per cent from 2.7 per cent and five years ahead to 2.5 per cent from 2.4 per cent. Households read slightly hotter ahead while Eurostat's official August HICP print was already 3.2 per cent.[2], [1]

References

  1. News sourceEurostatEuro-area annual HICP rises to 3.2 per cent in August↩1↩2↩3
  2. News sourceEuropean Central BankECB Consumer Expectations Survey lifts 12-month inflation median to 3.0 per cent↩