Eurozone inflation rose to 2.2% on an annual basis in September, up from 2% in August, the latest figures from Eurostat, the statistical office of the European Union, confirmed. A year earlier, the rate was 1.7%.

Meanwhile, European Union (EU) annual inflation was 2.6% during the period, up from 2.4% the previous month, and 2.1% a year prior.

The figures released on Friday, confirm the flash release seen earlier this month, offering the European Central Bank (ECB) few reasons to further ease monetary policy.

They also back comments by ECB officials Pierre Wunsch and Martin Kocher, who suggested on Thursday that the central bank might be at the end of its rate-cutting cycle, or very close to it.

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Speaking at the IMF and World Bank annual meetings in Washington on Wednesday, Kocher said: “At the moment, I think we’re in a good place. So, there’s no reason to change anything, as long as there are no changes that force us to do something. And if you take the larger picture, yes, the easing cycle is close to an end or at its end, but there’s no reason to pre-commit at that stage.”

On inflation, Kocher added that expectations are “well anchored” and there are no reasons to above-target rates.

However, stripping out more volatile items like food and fuel, core inflation rose to 2.4% in the twelve months to September, the highest level since April, increasing from 2.3% in the prior month.

The lowest annual rates were registered in Cyprus (0.0%), France (1.1%), Italy and Greece (both 1.8%). The highest annual rates were recorded in Romania (8.6%), Estonia (5.3%), Croatia and Slovakia (both 4.6%).

Compared with August, annual inflation fell in eight member states, remained stable in four and rose in fifteen.

In September 2025, the highest contribution to the annual euro area inflation rate came from services (+1.49 percentage points), followed by food, alcohol & tobacco (+0.58 pp), non-energy industrial goods (+0.20 pp) and energy (-0.03 pp).

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It comes as the ECB has cut interest rates by two percentage points in the year to June but has been on hold since. It has argued that inflation has remained close to its 2% target and that there was no urgency in adjusting rates further.

The central bank is widely expected to keep rates unchanged at its next meeting at the end of the month, and at least until the end of the year.

Neil Birrell, chief investment officer at Premier Miton, said it was a case of “nothing to see here”.

“The economy is plodding along and the ECB has little room for manoeuvre, with no significant policy change expected,” he said. “The economy could do with some stimulus, but that needs to come from international trade, consumption or government spending. It remains a bit of a dull outlook.”

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