Annual inflation in the euro zone rose to 3.8% in September, beating market expectations to hit its highest level since September 2023. Last month's print is up from the 3.2% recorded in August, above the 3.6% forecast by markets and well ahead of the European Central Bank's 2% target. Core inflation came in at 2.5%, in line with expectations. Energy inflation reached its highest level since January 2023, at 18.8%, as the ongoing Middle East conflict continues to drive prices higher. Harry Woolman, global capital markets analyst at Validus Risk Management, said that while energy remains the main driver, September's jump suggests it is now "more than an energy story" —making the next ECB meeting on Oct. 29 critical.
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