Eurozone inflation spiked to 3.8% year-over-year in September, marking the highest rate in three years and topping economists' forecasts of a 3.6% rise. The jump came almost entirely from one corner of the shopping basket. The flash estimate from Eurostat showed prices rising 0.6% in September alone compared with August. The reading is the highest since September 2023, when inflation ran at 4.3%. It is also almost double the European Central Bank's 2% target, the level the ECB considers consistent with stable prices. Core inflation told a calmer story. Stripping out energy, food, alcohol and tobacco, whose prices swing sharply from month to month, it edged up to 2.5% from 2.4%, exactly in line with forecasts.
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