Euro area HICP inflation rose to 1.9% YoY in February 2026 (Jan: 1.7%) and increased +0.7% MoM, indicating a modest reacceleration in headline prices driven by food and services alongside a smaller energy drag.

• HICP excluding energy accelerated to 2.4% YoY (Jan: 2.3%) with a +0.7% MoM gain, showing slightly firmer underlying inflation once volatile energy is removed.

• Core inflation excluding energy, food, alcohol and tobacco increased to 2.4% YoY (Jan: 2.2%) and rose +0.8% MoM, marking an uptick in broader underlying price pressures.

• Food, alcohol and tobacco inflation held at 2.6% YoY (Jan: 2.6%) and rose +0.3% MoM, with divergent trends inside the category.

• Unprocessed food inflation accelerated to 4.6% YoY (Jan: 4.2%) and increased +1.0% MoM, representing the strongest annual pace among major components.

• Processed food, alcohol and tobacco inflation eased to 1.8% YoY (Jan: 2.0%) and rose just +0.1% MoM, indicating moderation within the processed segment.

• Energy prices remained in annual contraction at -3.2% YoY (Jan: -4.0%) despite a +0.6% MoM increase, continuing to weigh on the headline rate even as the drag narrowed.

• Services inflation edged up to 3.4% YoY (Jan: 3.2%) with a +0.8% MoM rise, while non-energy industrial goods increased to 0.7% YoY (Jan: 0.4%) and +0.7% MoM, highlighting firmer momentum across both services and goods components.

Euro area HICP inflation eased to 1.7% YoY in January 2026, down from 2.0% YoY in December 2025, and fell -0.5% MoM, reflecting a broad-based pullback in both goods and services prices.

• The deceleration in the annual rate was in line with analyst estimates and was the lowest since September 2024 (second lowest since April 2021).
• HICP excluding energy eased to 2.3% YoY (Dec: 2.4%) and fell 0.7% MoM, showing cooling underlying inflation beyond volatile energy prices.
• Core inflation excluding energy, food, alcohol and tobacco slowed to 2.2% YoY (Dec: 2.3%) with a 1.1% MoM decline, indicating broad monthly disinflation across core components.
• Food, alcohol and tobacco inflation accelerated to 2.7% YoY (Dec: 2.5%) and rose +0.9% MoM, standing out as one of the few categories showing price increases.
• Unprocessed food inflation jumped to 4.4% YoY (Dec: 3.5%) and surged +1.7% MoM, becoming the strongest upside contributor within the food basket.
• Energy prices deepened their annual contraction to 4.1% YoY (Dec: 1.9%) despite a +0.7% MoM rise, continuing to weigh heavily on headline inflation.
• Non-energy industrial goods inflation remained subdued at 0.4% YoY (Dec: 0.3%) and fell 2.4% MoM, highlighting ongoing goods price softness.
• Services inflation eased to 3.2% YoY (Dec: 3.4%) and declined 0.3% MoM, indicating some moderation in the most persistent inflation component.

Euro area HICP inflation rose +0.2% MoM in December 2025 (down from 0.4% MoM in December 2024) and eased to 2.0% YoY (from 2.1% in November), pointing to modest month-end price firming amid softer annual momentum.

• Core inflation increased +0.3% MoM and eased slightly to 2.3% YoY (vs 2.4% YoY expected), down from 2.4% YoY in November, indicating a mild cooling in underlying price pressures.

• Services inflation decelerated to 3.4% YoY (Nov: 3.5%) and rose +0.7% MoM, remaining the strongest component and a key source of persistence in overall inflation.

• Energy prices fell -0.8% MoM and declined -1.9% YoY (Nov: -0.5% YoY), deepening the annual contraction and continuing to weigh on the headline rate.

• Food, alcohol and tobacco inflation edged up to 2.6% YoY (Nov: 2.4%) with a +0.1% MoM increase, reflecting firmer food price dynamics late in the year.

• Unprocessed food inflation rose sharply to 4.2% YoY (Nov: 3.2%) and increased +0.8% MoM, standing out as a key upside contributor among goods.

• Processed food inflation eased to 2.1% YoY (Nov: 2.2%) and fell -0.2% MoM, showing continued moderation in this category.

• Non-energy industrial goods prices declined -0.3% MoM and slowed to 0.4% YoY (Nov: 0.5%), remaining a subdued component of overall inflation.