Eurozone inflation hits 3.8% as energy prices surge on war-driven supply disruptions
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8 days · 6 summary articles
Europe’s inflation and energy prices surged in 2026 as wars and supply disruptions tightened global markets, with the eurozone’s annual inflation rate hitting 3.8% in September, up from 3.2% in August, according to Eurostat. Energy prices drove the increase, rising 18.8% year-on-year, while food costs climbed 4%.
The conflict between the U.S. and Iran, now in its eighth month, and Russia’s war in Ukraine have disrupted oil and gas flows, particularly through the Strait of Hormuz, where 20% of global exports normally transit. Shipping slowdowns there pushed oil prices up 8% and European gas prices 20% after attacks began on Feb. 28. EU Energy Commissioner Dan Jørgensen warned this week that 50 million Europeans may face choices between heating and food this winter as residential electricity prices remain 34% higher than in 2019 .
The European Central Bank has responded with interest rate hikes, raising its main refinancing rate to 2.65% after increases in June and September. Analysts note that further rate decisions may hinge on whether the U.S.-Iran conflict escalates, potentially driving energy costs higher .
In Spain, harmonized inflation reached 5% in September, the highest among major eurozone economies, while Lithuania, Bulgaria, Cyprus and Luxembourg recorded the steepest price growth in the bloc .
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