According to a preliminary estimate, annual inflation in the Euro Area rose to 1.9% in February 2026, up from January’s 16‑month low of 1.7% and exceeding market expectations of 1.7%. Price pressures strengthened particularly in services, where inflation accelerated to 3.4% from 3.2%, and in non-energy industrial goods, where inflation increased to 0.7% from 0.4%.
Energy prices continued to decline but at a slower pace, falling 3.2% year-on-year after a 4.0% drop in January. Inflation for food, alcohol and tobacco remained unchanged at 2.6%. Core inflation, which excludes energy, food, alcohol and tobacco, edged up to 2.4%, rebounding from January’s more than four-year low of 2.2%.
Among the bloc’s largest economies, the Harmonised Index of Consumer Prices (HICP) quickened in France (1.1% vs. 0.4%), Spain (2.5% vs. 2.4%) and Italy (1.6% vs. 1.0%), while easing slightly in Germany (2.0% vs. 2.1%).
