Eurozone annual inflation accelerated to 4.0% in October 2026, up from 3.8% in September, according to preliminary estimates, reaching its highest level since September 2023 and remaining well above the ECB’s 2% target. The increase was driven primarily by a sharp surge in energy prices amid continued fighting in the Middle East, with energy inflation jumping to 20.8%, its highest level since December 2022. Price growth also accelerated in services, to 3.3% from 3.2%, and unprocessed food, to 4.6% from 4.0%. Meanwhile, core inflation, which excludes energy and food, remained unchanged at 2.5%, in line with expectations. Among the eurozone’s largest economies, inflation accelerated in France to 3.8% from 3.4%, Italy to 5.6% from 4.
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