Euro-area inflation reaches 3.8 per cent as energy prices surge
Euro-area annual inflation rose to 3.8 per cent in September, with energy prices climbing 18.9 per cent from a year earlier. The final reading confirmed the preliminary estimate. Services also became more expensive, while the harmonised figures showed sharply different inflation rates across European countries, from Spain’s 5 per cent to Sweden’s 1 per cent. Annual inflation across the European Union was also 3.8 per cent.
Economics & Markets··Morning
Final figures confirm September’s increase
Eurostat, the European Union’s statistical office, confirmed euro-area annual inflation of 3.8 per cent in September 2026. The October 16 final release matched the preliminary estimate issued on October 2. Annual inflation had been 3.2 per cent in August and 2.2 per cent in September of the preceding year.[1], [2]
Consumer prices across the euro area increased 0.6 per cent from August. The European Union’s annual inflation rate also reached 3.8 per cent, up from 3.2 per cent in August and 2.6 per cent a year earlier. The Union’s monthly price increase was 0.6 per cent as well.[1]
Energy and services become more expensive
Energy prices rose 18.9 per cent from a year earlier, accelerating from August’s 14.3 per cent annual increase. Within September alone, energy became 4.0 per cent more expensive. Services prices increased 3.2 per cent annually, compared with 3.0 per cent in August. Both categories therefore recorded faster annual increases than in the preceding month.[1], [2]
Non-energy industrial goods prices increased 1.1 per cent annually. Food, alcohol and tobacco prices rose 1.3 per cent from a year earlier. The core measure excluding energy and food reached 2.5 per cent, against 2.4 per cent in August. These figures separate the movement of the broad index from changes within its principal spending categories.[1]
A common measure covers different national rates
Across the European Union, Romania recorded annual inflation of 6.5 per cent, Lithuania 6.1 per cent and Bulgaria 5.6 per cent. At the lower end, Finland recorded 2.7 per cent, Malta 2.4 per cent and Czechia 2.2 per cent. Denmark and Hungary each registered 2.1 per cent, while Sweden’s rate was 1 per cent.[2]
The release uses the Harmonised Index of Consumer Prices, which supports comparisons across countries. Euro-area coverage expanded to 21 countries when Bulgaria joined on January 1. The regional aggregate uses chain-linked indices under a common methodology. September is the period measured, while October is the month in which the final bulletin was published.[1]
