Inflation in the euro area: country by country, September 2026
Euro-area inflation was 3.8% in September 2026, driven by energy prices +18.8% higher than a year earlier. This report shows where inflation is highest, what is driving it and how it compares with the United States, using the ECB's harmonised data for the euro area and eleven of its largest economies.
Edition of 11 October 2026 · data up to September 2026 · General Assets Research Group
Key findings
- 01
Euro-area inflation was 3.8% in September 2026, up from 2.2% a year earlier and 1.8 percentage points above the ECB's 2% target. It was 3.2% in August 2026.
- 02
9 of the 11 countries covered had inflation above 3% and all 11 above 2%. The highest rate was in Greece (5.1%), the lowest in Finland (2.6%): a gap of 2.5 percentage points.
- 03
Energy drives the headline figure: energy prices were +18.8% on a year earlier (a year before: −0.4%). Core inflation, which leaves out energy, food, alcohol and tobacco, was 2.5% (2.4% a year earlier).
- 04
Services inflation was 3.2%, food, alcohol and tobacco 1.4%, non-energy industrial goods 1.1%.
- 05
In the United States, consumer prices were 3.4% higher than a year earlier in August 2026 (CPI); euro-area HICP inflation in the same month was 3.2%. The two indices are built differently and are not strictly comparable.
- 06
9 of the 11 countries have higher inflation than a year ago. The euro-area rate peaked at 10.6% in October 2022.
Country by country
HICP annual rate of change in September 2026, compared with a year earlier (marker). The ECB's target refers to the euro-area figure only.
Latest month, ranked
September 2026; ◇ = September 2025
How far apart the countries are
Highest minus lowest rate among the 11 countries, percentage points
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