Euro Area Producer Prices Rise 11.1% in September as Energy Climbs 30.8%
Euro area industrial producer prices rose 2.5% in September from August, their largest monthly increase since March, Eurostat’s first estimates showed, lifting the annual rate to 11.1%.
For euro area manufacturers and their customers, September’s increase came almost entirely from energy: energy prices at the factory gate rose 7.8% on the month, while all other industrial prices rose 0.1%. In The Edge’s reading, the steady climb in intermediate goods prices, now 7.1% above a year earlier, is the part of the release that matters most for costs further down the supply chain.
Annual producer inflation reaches its highest since February 2023
The annual rate climbed to 11.1% from 8.3% in August. It was last higher in February 2023, at 12.7%.
In February this year, producer prices were still 3.0% lower than a year before. The annual rate has since swung by 14.1 percentage points.
Prices have now risen for three months running, each rise larger than the last. They rose 1.6% in July and 2.0% in August. The August figure was revised up from 1.9%.
August’s annual rate was also revised, to 8.3% from 8.2%.
The index for total industry, based on 2021, stood at 137.8 in September. That is 10.4% above its February level. Between September 2025 and February 2026 it had risen just 0.6%, so the annual increase reflects price rises since late winter, with nearly all of it coming since February.
Across the wider European Union, producer prices rose 2.6% on the month and 10.9% on the year. EU energy prices were 30.0% higher than in September 2025, while prices excluding energy were up 3.5%, the same as in the euro area.
Euro area producer prices by main industrial grouping (in %)
| Grouping | Month | Annual Aug | Annual Sept |
|---|---|---|---|
| Total industry | 2.5 | 8.3 | 11.1 |
| Energy | 7.8 | 21.0 | 30.8 |
| Excluding energy | 0.1 | 3.4 | 3.5 |
| Intermediate goods | 0.2 | 6.9 | 7.1 |
| Capital goods | 0.1 | 2.6 | 2.7 |
| Durable consumer goods | 0.3 | 3.4 | 3.4 |
| Non-durable consumer goods | 0.2 | -0.7 | -0.6 |
Domestic market, not seasonally adjusted; monthly is September against August 2026; annual is against the same month of 2025. September values are first estimates.
Energy prices rise at the fastest annual pace since December 2022
Energy prices rose 7.8% on the month, after 5.6% in August. July’s increase was 5.8%.
The annual energy rate jumped to 30.8% from 21.0%. That is the highest since December 2022, when it stood at 50.1%.
The energy index rose 30.0% between February and September, and 20.4% since June alone. In February it had been only 0.6% above its September 2025 level, so almost all of the annual increase has come this year.
The gap between energy and all other industrial prices widened to 27.3 percentage points on the year, from 17.6 points in August.
The detailed industry data show where the pressure sits. Prices for refined petroleum products rose 11.8% on the month. They were 70.8% higher than a year earlier, up from 54.5% in August.
Prices for the extraction of crude petroleum and natural gas rose 15.9% on the month and 38.5% on the year. Electricity, gas, steam and air conditioning supply prices rose 6.7% on the month. Their annual rate climbed to 22.4% from 14.0%.
Euro area producer prices: the path this year (annual rate, in %)
| Month | Total | Energy | Excl. energy |
|---|---|---|---|
| Sept 2025 | -0.1 | -2.1 | 0.9 |
| Feb 2026 | -3.0 | -11.7 | 1.1 |
| Apr 2026 | 4.9 | 12.4 | 2.3 |
| Jun 2026 | 4.6 | 8.8 | 3.0 |
| Jul 2026 | 5.8 | 13.0 | 3.1 |
| Aug 2026 | 8.3 | 21.0 | 3.4 |
| Sept 2026 | 11.1 | 30.8 | 3.5 |
Domestic market, change on the same month a year earlier. April to September 2026 as published on 5 November 2026; earlier months from the short-term business statistics database as updated the same day.
Costs outside energy keep edging higher
Prices excluding energy rose 0.1% on the month. Their annual rate rose for a seventh straight month, to 3.5% from 1.1% in February. That is the highest since May 2023.
Intermediate goods, the materials and components that factories sell to one another, rose 0.2% on the month and 7.1% on the year. That is the highest annual rate since February 2023 and compares with 1.3% in February this year.
Chemicals prices were 12.3% higher than a year earlier, up from 11.6% in August. Basic metals prices slipped 0.4% on the month. Their annual rate eased to 14.7% from 16.1%.
Among finished goods, the picture is calmer. Capital goods prices rose 2.7% on the year and durable consumer goods 3.4%. Non-durable consumer goods remained 0.6% cheaper than a year earlier, and food, beverages and tobacco 0.9% cheaper.
Since April, the total index has risen 6.2%, against 1.2% for the index excluding energy.
Spain and Italy outpace Germany and France
Annual rates rose in all four of the largest economies. Spain’s rate climbed to 18.3% from 13.2%. Italy’s rose to 17.4% from 13.5%.
France rose to 6.8% from 4.9%. Germany rose to 6.7% from 4.6%; its national September release was set out last month. Spain’s rate now stands 11.6 percentage points above Germany’s.
On the month, prices rose in 19 of the 21 euro area members and were unchanged in Luxembourg and Malta. Bulgaria posted the largest monthly rise at 4.6%, followed by Lithuania at 4.2%. Greece and Spain came next, both up 3.9%.
Eight members recorded annual rates above 10%. In August there were six. Bulgaria had the highest at 22.9%, followed by Ireland at 19.9%. Lithuania was third at 19.0%. Luxembourg was the only member with lower prices than a year earlier, down 8.1%.
Producer prices in selected euro area members (in %)
| Country | Month | Annual Aug | Annual Sept |
|---|---|---|---|
| Euro area | 2.5 | 8.3 | 11.1 |
| Germany | 2.0 | 4.6 | 6.7 |
| France | 1.7 | 4.9 | 6.8 |
| Italy | 3.6 | 13.5 | 17.4 |
| Spain | 3.9 | 13.2 | 18.3 |
| Netherlands | 1.5 | 7.3 | 8.9 |
| Belgium | 1.7 | 10.5 | 12.2 |
| Ireland | 2.1 | 17.1 | 19.9 |
| Greece | 3.9 | 8.9 | 13.2 |
| Bulgaria | 4.6 | 16.8 | 22.9 |
| Lithuania | 4.2 | 14.6 | 19.0 |
| Luxembourg | 0.0 | -7.9 | -8.1 |
Domestic market, in national currency, not seasonally adjusted; monthly is September against August 2026.
Consumer energy inflation runs below the producer measure
Producer prices track the ex-works prices of products sold on the domestic market and exclude imports, so they are not directly comparable with consumer prices.
Consumer energy inflation in the euro area was 18.9% in September, against 30.8% for energy at the producer level. It rose to 20.8% in October’s flash estimate, set out yesterday. Consumer prices for non-energy industrial goods rose 1.1% on the year in September and 1.2% in October.
The September figures are first estimates and can be revised, as August’s were. They are not adjusted for calendar or seasonal effects.
What to watch: 6 November, industrial import prices and producer prices for external and total markets for September, alongside September retail trade for the euro area; 3 December, euro area producer prices for October.
Figures are from Eurostat’s euro indicators release on industrial producer prices for September 2026 and its short-term business statistics database, both dated 5 November 2026, with consumer price figures from its harmonised index database as updated on 4 November 2026; changes, gaps and counts not attributed to a source are The Edge’s calculations.
Sources: Eurostat, The Edge.
