A fresh rise in energy prices pushed inflation higher across Europe’s biggest economies in September, with data from Germany, France, Italy and Spain all coming in above expectations. Spain’s inflation rate reached 5%, its highest level since 2023, according to the news brief cited by ChainCatcher. Fuel costs were identified as the main driver behind the move. The report said the latest price pressure could lift overall eurozone inflation toward 4%.
Markets had been looking for September inflation in the euro area at 3.7%. Even so, stronger-than-expected readings from several countries led investors to reduce their bets that the European Central Bank would raise interest rates in October. The move highlights a gap between the inflation surprise and shifting expectations around near-term ECB policy.
Inflation in Europe’s major economies climbed to multi-year highs in September after a fresh rise in energy prices, according to ChainCatcher. Inflation readings from Germany, France, Italy and Spain all came in above expectations.
Spain’s inflation rate reached 5%, the highest level since 2023. Fuel costs were the main driver, and the report said they are expected to push overall eurozone inflation toward 4%.
Markets had expected September inflation in the eurozone to come in at 3.7%. But after several countries posted stronger-than-expected figures, investors lowered their bets on a European Central Bank rate hike in October.
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