FX.co ★ Euro Zone Core CPI ex Tobacco Doubles to 0.4% in August Month-on-Month

Euro zone inflation excluding tobacco accelerated in August 2026, with the month-on-month Consumer Price Index (CPI ex Tobacco) rising 0.4%, up from 0.2% in July 2026. The data, updated on 17 September 2026, show a doubling of the core price growth rate on a sequential monthly basis.

The figures reflect a comparison of August’s price changes versus July, while the previous reading captured the change in July against June. The move from 0.2% to 0.4% month-on-month suggests firmer underlying price pressures in the single currency area, even when stripping out tobacco-related volatility.

Investors and policymakers will be watching subsequent releases closely to assess whether this uptick marks the start of a sustained firming in core inflation dynamics or a temporary monthly fluctuation within the broader euro zone price trend.