Inflation in the 21-country euro area sped up to 3.8% in September, the hottest reading since September 2023 and a touch above forecasts. Core inflation, which strips out volatile categories such as energy, came in at 2.5%, while services rose 3.2%. Price gains came in stronger than expected across the four biggest euro-area economies, with Spain touching 5%. The backdrop: Europe's latest inflation flare-up is arriving as the Iran war remains unresolved, pushing oil and natural gas costs higher again. The ECB has already lifted borrowing costs twice, and the economy has proven sturdier than many feared. Still, public finances are strained, and a global bond selloff is making it harder for governments to cushion households and businesses.
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