Eurozone Kerninflation

The annual core inflation rate in the Euro Area, which excludes prices of food, energy, and tobacco, was at 2.3% for the fifth consecutive month in September of 2025, in line with the median market consensus. Despite remaining at the lowest level since October 2021, the lack of a slowdown consolidated the majority take of the ECB Governing Council that it is unlikely that more rate cuts are warranted this year. Rate futures showing a larger consensus that the ECB will not deliver more rate cuts this year.