FX.co ★ Euro Zone Core Inflation Rebounds in February After January Slump

Core consumer prices in the Euro Zone, excluding tobacco, rebounded in February 2026, reversing the sharp decline seen at the start of the year. According to data updated on 18 March 2026, the CPI ex Tobacco rose 0.6% month-over-month in February, compared with a 0.6% month-over-month decline in January.

The month-over-month measure compares price changes in each reported month to the previous one, highlighting the abrupt swing in underlying price dynamics between January and February. While January 2026 showed a contraction in core prices, February’s reading suggests a renewed upward pressure in prices excluding tobacco across the currency bloc. Investors and policy watchers will likely view this shift as an important signal for the near-term inflation trajectory in the Euro Zone.