Inflation at 3.8 per cent: energy eats up the interest on savings
From April to September 2026, inflation rose in almost every large European economy, driven mainly by energy.
Annual inflation in the euro area was 3.8 per cent in September, up from 3.0 per cent in April. Almost half of it, 1.71 percentage points, comes from energy, which has become 18.9 per cent more expensive within a year.
What happened
Facts: according to Eurostat, annual inflation in the euro area rose from 3.0 per cent in April to 3.8 per cent in September 2026. Energy prices rose 18.9 per cent and contributed 1.71 of the 3.8 percentage points; services rose 3.2 per cent. Spain, Greece and Lithuania are at 5 per cent or more, Switzerland at 1.2 and Sweden at 1.0 per cent. The ECB raised its deposit rate to 2.50 per cent in September, citing the energy shock from the Middle East conflict. Assessment: as long as the rise comes mainly from energy, its further course depends more on oil and gas prices than on domestic demand. On 29 October the ECB will show how it weighs this.
Data: Inflation in Europe, April to September 2026
| Apr. 26 | Mai 26 | Jun. 26 | Jul. 26 | Aug. 26 | Sep. 26 | |
| Euro area | 3 | 3.2 | 2.8 | 2.9 | 3.2 | 3.8 |
| Germany | 2.9 | 2.7 | 2.4 | 2.8 | 2.9 | 3.3 |
| Austria | 3.4 | 3.7 | 3.2 | 2.7 | 2.9 | 3.6 |
| Switzerland | 0.5 | 0.9 | 0.7 | 0.7 | 0.9 | 1.2 |
| France | 2.5 | 2.8 | 2 | 2.4 | 2.6 | 3.4 |
| Italy | 2.8 | 3.2 | 3 | 2.9 | 3.2 | 4.2 |
| Spain | 3.5 | 3.6 | 3.6 | 3.9 | 4.6 | 5 |
| Netherlands | 2.5 | 3.4 | 2.5 | 3 | 2.8 | 3 |
| Belgium | 4.2 | 4 | 3.3 | 3.6 | 4.2 | 4.5 |
| Greece | 4.6 | 4.9 | 3.9 | 2.7 | 3.7 | 5.1 |
| Lithuania | 4.9 | 5.1 | 5.4 | 5.4 | 5.6 | 6.1 |
| Sweden | 0.5 | 1.1 | 1 | 0.3 | 0.3 | 1 |
What changes in practice
- Savers
- With inflation at 3.8 per cent and the ECB deposit rate at 2.50 per cent, money in the bank loses roughly 1.3 per cent of purchasing power a year, more if the bank pays less.
- Households
- Energy costs 18.9 per cent more than a year ago. Households that heat a lot or commute feel the rise more than the average.
- Companies
- Energy-intensive firms bear the largest cost increase. The ECB decision on 29 October determines whether financing also becomes more expensive.
Sources
- Eurostat: Annual inflation up to 3.8% in the euro area (16. Oktober 2026, Kopie der Veröffentlichung)
- Eurostat: Euro-Indikatoren, Veröffentlichungskalender
- EZB: Geldpolitische Beschlüsse vom 10. September 2026
- Destatis: Inflationsrate im September 2026 voraussichtlich +3,3 %