Eurozone Inflation Surges to 3.8%, Highest Since September 2023
Annual inflation in the eurozone has hit its highest level since September 2023, rising to 3.8% in September.
This is above market forecasts and significantly higher than August's rate of 3.2%, according to CNBC.
Analysts had expected September inflation to reach 3.6%, but the actual figure exceeds that by a significant margin.
The European Central Bank's (ECB) target of 2% is now further out of reach, with energy costs being the main contributor to headline inflation at 18.8% in September, its highest level since January 2023.
Harry Ullman, a global capital markets analyst at Validus Risk Management, commented on the impact of this data, saying 'energy was still the main source of inflationary pressure, but the September acceleration suggested price increases were spreading beyond the energy sector.'