Energy price hikes drove all the rise in eurozone inflation amid war on Iran, Greenpeace analysis finds - Greenpeace

Amsterdam, Netherlands – Between January and August 2026, energy prices accounted for the entire rise in eurozone inflation from 1.7% to 3.2%, according to new Greenpeace International analysis that exposes the scale of fossilflation. Without the oil price shock driven by the US-Israel war on Iran, eurozone inflation in August would have been 2.2%, rather than 3.2%. The findings show how fossil fuel dependence leaves households exposed to price shocks, which in turn have an impact on the wider economy.[1] John Noël, campaigner at Greenpeace International, said: “The problem is bigger than any single conflict or oil price spike. As long as economies remain tied to volatile fossil fuel markets, repeated disruptions are hitting household costs.