Euro area inflation · Flash estimate · September 2026
What the first September inflation figures show
Headline inflation accelerated again, led by energy. Services and food also firmed, while non-energy industrial goods eased slightly.
Published 2 October 2026 · Coverage: 21 euro-area countries · Eurostat flash estimate
The broad picture
A faster headline, with energy doing most of the work.
Euro-area inflation rose to 3.8% in September from 3.2% in August. Energy made the largest contribution to the acceleration, while services, food and the narrow core measure moved up more modestly. Non-energy industrial goods were the only main component to ease.
Annual HICP inflation
Lithuania recorded the highest rate at 6.1%, followed by Bulgaria at 5.6%. Malta had the lowest reading at 2.4%, while the euro-area aggregate stood at 3.8%.
Energy inflation
Energy inflation exceeded 30% in Lithuania and Belgium. Luxembourg and Greece were also above 25%, while Malta remained the only country with a zero rate.
Services inflation
The euro-area rate increased to 3.2%, with wide country dispersion. Bulgaria and Cyprus exceeded 7%, while Finland recorded the lowest rate at 1.6%.
Non-energy industrial goods
Goods inflation eased to 1.1% for the euro area. Slovakia led at 2.7%, while Croatia and Cyprus recorded declines of 0.9% and 3.3% respectively.
Core inflation
Excluding energy, food, alcohol and tobacco, euro-area inflation edged up to 2.5%. Greece and Bulgaria had the highest rates, while Finland and Estonia were lowest at 1.4%.
All items excluding energy
Without energy, the euro-area rate was 2.3%. Cyprus and Bulgaria recorded the highest readings, while Latvia was distinctly lower at 0.8%.
Excluding energy and unprocessed food
This broader underlying measure stood at 2.2% for the euro area. Bulgaria led at 3.7%, closely followed by Cyprus and Greece, while Latvia was lowest at 1.2%.
Food, alcohol and tobacco
The euro-area rate rose to 1.4%. Cyprus and Luxembourg were above 3%, while Greece, the Netherlands, Slovakia and Latvia recorded lower prices than a year earlier.
Processed food, alcohol and tobacco
Processed food inflation was 0.4% for the euro area. Luxembourg stood out at 3.3%, while five countries registered outright price declines.
Unprocessed food
Unprocessed food inflation increased to 4.0% for the euro area. France, Cyprus, Spain and Italy exceeded 5%, while five countries recorded annual price declines.
Reading the first estimate
September’s rise was energy-led, but underlying inflation also edged higher.
Energy accounts for most of the headline acceleration. Services and food also firmed, the main underlying measures rose slightly, and goods inflation eased. The country rankings continue to show substantial differences across the monetary union.
- Annual HICP rates compare September 2026 with September 2025.
- September figures are Eurostat flash estimates.
- Country coverage is EA21, including Bulgaria from 2026.
- The complete September dataset is due on 16 October 2026.