A· A-CLUSTERQUANTITATIVE RESEARCH LAB

Euro area inflation · Flash estimate · August 2026

What the first August inflation figures show

Headline inflation rose, but the details point to a concentrated move. Energy accelerated sharply, while services cooled and food inflation remained subdued.

Published 1 September 2026 · Coverage: the 21 euro-area countries

Euro area annual HICP
3.3%
Up from 2.9% in July
Energy
14.3%+4.0 pp
from 10.3% in July
Services
3.0%−0.3 pp
from 3.3% in July
Industrial goods
1.2%+0.3 pp
non-energy goods
Food, alcohol & tobacco
1.2%unchanged
same rate as July

The broad picture

A higher headline, driven mainly by energy

Euro area inflation increased to 3.3% in August from 2.9% in July. The rise was not shared evenly across components: energy climbed to 14.3%, while services eased to 3.0%, food was unchanged at 1.2%, and the narrow core measure edged down to 2.4%.

Euro area componentsannual change · August 2026
14.3%
3.0% ↓
2.4% ↓
1.2% —
1.2% ↑
01 · Headline

Annual HICP inflation

Rates ranged from 5.8% in Lithuania to 1.3% in Estonia. Cyprus and Bulgaria also stood above 5%, while nine countries recorded rates below the euro area aggregate.

21 countries + euro area · annual change (%) · sorted high to low
02 · Main component

Energy inflation

Energy produced the clearest upward pressure. Lithuania reached 26.9%, Belgium 21.8%, and Bulgaria 18.7%. Malta was the only country with a zero rate.

Euro area: 14.3% · annual change (%)
03 · Main component

Services inflation

The euro area rate eased to 3.0%, but dispersion remained wide. Cyprus and Bulgaria exceeded 7%, while Finland and Estonia were below 2%.

Euro area: 3.0% · annual change (%)
04 · Main component

Non-energy industrial goods

Goods inflation remained modest at the aggregate level. Slovakia led at 2.4%, while Croatia and Cyprus recorded declines of 1.1% and 2.3% respectively.

Euro area: 1.2% · annual change (%)
05 · Underlying

Core inflation

Excluding energy, food, alcohol and tobacco, the euro area rate was 2.4%. Cyprus recorded 4.5%; Bulgaria and Lithuania followed at 4.2%, while Estonia stood at 0.9%.

Euro area: 2.4% · excluding energy, food, alcohol & tobacco
06 · Underlying

All items excluding energy

Removing energy leaves the euro area rate unchanged from July at 2.2%. Cyprus was the highest at 4.2%, while Estonia was distinctly lower at 0.4%.

Euro area: 2.2% · annual change (%)
07 · Underlying

Excluding energy and unprocessed food

This broader measure of underlying inflation stood at 2.1% for the euro area. Cyprus remained the highest at 4.2%; Estonia was the only country below 1%.

Euro area: 2.1% · annual change (%)
08 · Food

Food, alcohol and tobacco

The euro area rate remained at 1.2%. Cyprus and Luxembourg reached 3.2%, while Latvia, Slovakia, Estonia and the Netherlands recorded falling prices.

Euro area: 1.2% · annual change (%)
09 · Food

Processed food, alcohol and tobacco

Processed food inflation was low at 0.6% for the euro area. Luxembourg stood out at 3.4%, while five countries registered outright price declines.

Euro area: 0.6% · annual change (%)
10 · Food

Unprocessed food

This was the most uneven food category. Cyprus and France were near 5%, while Estonia fell 5.8% and Latvia, Lithuania and Slovakia also recorded sharp declines.

Euro area: 2.7% · annual change (%)

Reading the first estimate

August brought a sharper headline, not a uniform acceleration

The aggregate rise was concentrated in energy. Services and the narrow core measure both eased, and food inflation stayed low. At the same time, the country charts show that inflation conditions continued to differ substantially across the monetary union.