Inflation surprisingly rises to 3.9 percent

The increase comes as a surprise: Economists on average had expected the rate to rise to 3.7 percent. Inflation is therefore rising more and more above the medium-term target of two percent set by the European Central Bank (ECB), at which the ECB considers price stability to be guaranteed.

Energy prices continue to rise

The numbers show how the consequences of the war between the USA and Iran continue to have an impact: Due to the ongoing obstruction of oil and gas transport through the Strait of Hormuz, energy prices continue to rise worldwide. Compared to the same month last year, energy costs increased by 18.8 percent. In August the rate of increase was 14.3 percent.

From the perspective of the financial markets, the European Central Bank (ECB) is likely to counteract price increases in the Eurozone by increasing interest rates by the end of the year. It had already responded to the surge in inflation as a result of the ongoing Iran war in June and September and raised the key interest rate to the current 2.50 percent. The ECB expects that overall inflation will remain well above the central bank's target of 2.0 percent until the first half of 2027.

However, the fuel discount decided in the spring was only received by consumers by a good 80 percent. Now the government has introduced it again and this time, too, hundreds of millions of euros in tax money are threatening to seep away between the refinery and the petrol pump.