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Euro zone inflation jumps, faces quick hit from surging oil price
Eurozone inflation rose to 1.9% driven by higher food and services costs, with energy prices expected to push inflation further, Eurostat data showed.
- On March 3, 2026, Eurostat released February data showing consumer prices in the euro zone rose 1.9% year‑on‑year, up from 1.7% in January and below the ECB's 2% target.
- Rising services and food costs pushed inflation higher, with the services gauge at 3.4%, restaurant and accommodation sector rising 6.1%, and Italy's inflation at 1.6%.
- Core inflation data show underlying inflation rose to 2.4%, while JP Morgan's model estimate says a 10% Brent rise lifts headline inflation 0.11 points within three months and fuel retailers pass costs within days.
- Markets now price a 50% chance that the ECB will hike the deposit rate by a quarter‑point this year, with the next meeting on March 19 and no change expected before then.
- With gas and Brent surging, European gas prices are up more than 70% since Friday and Brent above $80 a barrel, analysts warn inflation could rise further.
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Eurozone inflation jumps to 1.9%, oil surge adds fresh pressure
February saw a surprising jump in inflation across the euro zone, largely driven by rising costs for food and services. This increase could worsen if ongoing conflicts in the Middle East keep energy prices on an upward trajectory. Economists are hopeful for a return to a more stable mid-2% inflation rate, but that hinges on the conflict's resolution.
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Coverage Details
Total News Sources11
Leaning Left0Leaning Right3Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
C 57%
R 43%
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