„EZB wird Zinsen anheben“: Iran-Krieg treibt Inflation im Euroraum auf Drei-Jahres-Hoch

The European Central Bank (EZB) is considering raising interest rates for the third time this year as inflation in the Eurozone has surged to its highest level in three years. This is largely due to elevated energy prices, which pushed consumer prices up by 3.8 percent year-on-year in September, according to preliminary estimates from Eurostat, Luxembourg's statistical office.

This marks the highest inflation rate since September 2023, far exceeding the European Central Bank's (ECB) target of around 2 percent inflation over the medium term. Economists now predict that the ECB will increase the key policy rate a third time this year, bringing the deposit rate to 2.75 percent, which is crucial for savers and banks.

Commerzbank Chief Economist Jörg Krämer noted that soaring energy prices are primarily responsible for the spike in inflation. The ECB is unlikely to welcome the entrenched inflation and will likely raise interest rates further. Forecasts suggest that the ECB may keep rates unchanged at its meeting in October. Rising oil and petrol prices, driven by the ongoing conflict in Iran, have been the central drivers of the energy price surge.

Additionally, service prices in the Eurozone have also accelerated. While core inflation, which excludes volatile energy and food prices, remains relatively stable at 2.5 percent, it is still a primary concern for the ECB. The goal is to prevent energy price increases from spilling over into other sectors and fueling further price and wage pressures.

In Germany, inflation has also intensified, with heating and fuel prices driving the inflation rate to 3.3 percent in September, the highest level since late 2023. The German government is providing relief to drivers with a fuel rebate, which will lower fuel taxes by roughly 17 cents per liter until the end of the year.