Inflation rate in the EU in 2026, by country

EU inflation rate in June 2026, by member state

Romania had the highest inflation rate in the European Union in June 2026 at about 9.2 percent, while Sweden had the lowest at about 1 percent. EU inflation averaged 2.9 percent and the euro area 2.8 percent, both above the two percent target set by the European Central Bank.

The wide gap between the highest and lowest inflation rates in the EU, from about 9 percent in Romania to 1 percent in Sweden, is one of the clearest features of the bloc price map in 2026.

On Eurostat figures, EU inflation was about 2.9 percent in June 2026 and the euro area 2.8 percent, with Romania highest at 9.2 percent and Sweden lowest at about 1 percent.

The pattern of EU inflation in 2026, high in the east and low in the north, has become a familiar feature of the bloc since the energy crisis of 2022 reshaped its price map.

This overview shows the HICP inflation rate for every EU member state in June 2026, from the highest in Romania to the lowest in Sweden, alongside the drivers, the trend and the outlook.

Understanding how inflation varies across the EU, from the high rates in the east to the low ones in the north, is central to making sense of the pressures facing the European Central Bank in 2026.

The HICP figures let every member state be compared on the same basis, which is why they are the standard reference for inflation across the European Union. Inflation in the EU has cooled a long way from the double digits of 2022, but the June 2026 figures show it is not yet back to target in most of the bloc.

The gap between the highest and lowest member states was very wide, as our ranking of the highest-inflation countries and inflation in Europe coverage tracks, with eastern members far above the western and Nordic economies, reflecting deep differences in wages, energy and fiscal policy across the union.

Romania leads, Sweden lowest: Romania had the highest EU inflation in June 2026 at about 9.2 percent and Sweden the lowest at about 1 percent, a spread of more than eight points.

EU inflation eased in June, falling in twenty-two member states from May, though it stayed above the European Central Bank target of 2 percent, a picture our central banks and inflation worldwide coverage sets in context.

A note on the data. The figures show the harmonized index of consumer prices, or HICP, inflation rate in the European Union in June 2026, by member state, as an annual percent change, based on Eurostat data. Some member state values are estimates.

Eurostat publishes the HICP inflation rate for every EU member state each month, allowing the twenty-seven economies to be compared on a single, harmonised basis. The HICP, or Harmonized Index of Consumer Prices, measures the change in the cost of a common basket of goods and services, and is the official inflation measure of the European Union.

EU Inflation Rate by Country

The table sets out the HICP inflation rate for all EU member states in June 2026. It shows the very high rates in Romania and the Baltic states and the low rates in the Nordic economies and Czechia.

What Is Inflation in the Big EU Economies?

Among the largest EU economies in June 2026, Spain had the highest inflation at about 3.6 percent, followed by Italy and the Netherlands near 2.9 percent and Germany at 2.8 percent, while France was lowest at about 2.4 percent.

The spread among the largest EU economies, from about 2.4 percent in France to 3.6 percent in Spain, shows how differently the same energy shock played out across the bloc.

In June 2026, Spain had inflation of about 3.6 percent, Italy and the Netherlands about 2.9 percent, Germany 2.8 percent and France about 2.4 percent, the lowest of the large economies.

The largest economies matter most for the bloc average, so the rise in German, Italian and Spanish inflation through 2026 did much to lift the overall EU and euro area rates.

The largest EU economies set the tone for the bloc as a whole, so the rise in Spanish, Italian and German inflation over the year did much to keep the overall rate above target.

France stood out among the large economies for its low inflation, helped by regulated energy prices, while Spain remained persistently above the euro area average through 2026.

Inflation rose across most of the large economies over the year, as our German economy and inflation in France coverage tracks, driven by higher energy prices after conflict in the Middle East disrupted supplies.

This year vs a year ago: inflation rose across most of the largest EU economies over the year to June 2026, led by Spain at about 3.6 percent, with France lowest at about 2.4 percent.

Spain has run persistently above the euro area average, as our inflation in Spain coverage details, while France has been among the lowest in the bloc, helped by regulated energy prices and weaker demand.

The contrast between Spain, persistently above the euro area average, and France, among the lowest, shows how national energy policy and demand shape inflation even within the single currency.

What Is Driving EU Inflation in 2026?

Services were the largest driver of euro area inflation in June 2026, adding about 1.5 percentage points, followed by energy at about 0.8 points, then food, alcohol and tobacco, and non-energy goods. Separating the drivers of EU inflation, from services and energy to food and goods, is central to judging how quickly the headline rate will return to target.

In June 2026, services added about 1.5 percentage points to euro area inflation, energy about 0.8 points, food, alcohol and tobacco about 0.3 points, and non-energy goods about 0.2 points.

Breaking down the drivers of euro area inflation, from the large and steady contribution of services to the volatile swings in energy, is key to judging where the headline rate goes next and how fast it returns to target.

Energy was the fastest-rising component, up about 8.5 percent over the year after conflict in the Middle East pushed oil and gas prices higher, a shock our EU energy prices and gas prices coverage tracks across the bloc.

Services and energy lead: services added about 1.5 percentage points to euro area inflation in June 2026 and energy about 0.8 points, with food and goods adding the rest.

Underlying core inflation, which strips out volatile energy and food, ran near 2.6 percent, still above target, showing that price pressures remained broad even as the headline rate eased from its spring peak.

The stickiness of core and services inflation, well above target even as energy eased, is the main reason the European Central Bank has been cautious about cutting rates.

Is EU Inflation Rising or Falling?

Euro area inflation rose through the spring of 2026, from about 1.7 percent in January to 3.2 percent in May, before easing to 2.8 percent in June as the energy shock began to fade.

The rise and fall of euro area inflation through 2026, spiking in spring and easing by summer, tracked the surge and retreat of energy prices almost exactly.

Euro area inflation rose from about 1.7 percent in January 2026 to 1.9 percent in February, 2.6 percent in March, 3.0 percent in April and 3.2 percent in May, before easing to 2.8 percent in June.

The path of euro area inflation through 2026, a spring spike followed by a summer easing, was one of the clearest examples yet of how energy prices drive the headline rate. The path of inflation through 2026, rising in spring and falling by summer, mirrored the surge and retreat of energy prices after conflict in the Middle East disrupted supplies.

By June, with inflation falling in twenty-two of the twenty-seven members at once, the broad easing suggested the spring energy shock had largely passed.

The mid-year spike was driven by the jump in energy prices after conflict in the Middle East, which lifted inflation across almost every member state before beginning to unwind, a path our interest rates coverage tracks against ECB policy.

A spring spike, summer easing: euro area inflation rose from about 1.7 percent in January 2026 to 3.2 percent in May before easing to 2.8 percent in June as energy prices fell back.

The fall in June, with inflation easing in twenty-two of the twenty-seven member states, suggested the worst of the energy shock had passed, though rates remained above the 2 percent target across most of the bloc.

The broad-based easing in June, with inflation falling in most member states at once, was the clearest sign yet that the spring energy shock had begun to unwind.

How Much Did Energy Push Up Inflation?

Energy was the standout driver of EU inflation in mid-2026, with energy prices up about 8.5 percent over the year in June, far above the headline rate, before easing as oil and gas prices stabilised.

Energy was once again the swing factor in EU inflation, driving the mid-year spike and then easing, in an echo of the far larger shock of 2022. Energy prices in the EU rose about 8.5 percent over the year to June 2026, far above the headline rate, after conflict in the Middle East disrupted oil and gas supplies.

The swing in energy prices, up sharply in spring and easing by summer, was the single biggest reason EU inflation rose and then fell over the first half of 2026.

The surge in energy prices, triggered by conflict in the Middle East, echoed the shock of 2022, though on a smaller scale, and was the main reason inflation rose across the bloc in the spring of 2026.

Bars headline, line energy: energy prices rose about 8.5 percent over the year to June 2026, far above the headline rate, driving the mid-year spike before easing.

Services inflation, at about 3.2 percent, remained the largest single contributor to the headline rate, reflecting strong wage growth and steady demand, and is likely to fall more slowly than the volatile energy component.

The persistence of services inflation, tied to wages and demand, means the headline rate is likely to fall more slowly from here than the sharp swings in energy might suggest.

Why Is Inflation Higher in Eastern Europe?

Inflation in June 2026 was highest in eastern and Baltic member states, led by Romania, Lithuania and Bulgaria, and lowest in the Nordic economies and Czechia, a pattern that has held for much of the period since 2022.

The east-west divide in EU inflation, with eastern members far above western and Nordic ones, reflects the wider process of economic convergence across the bloc.

The highest EU inflation rates in June 2026 were in Romania at 9.2 percent, Lithuania at 5.4 percent and Bulgaria at 5.2 percent, and the lowest in Sweden at 1.0 percent and Czechia at 1.1 percent.

The east-west split in EU inflation is not new, but it has widened since 2022, as energy shocks and the process of price convergence pushed eastern rates well above western ones. The east-west divide in EU inflation, which widened sharply after 2022, is one of the clearest and most persistent features of the bloc price map in the mid-2020s.

Romania, Lithuania and Bulgaria led the bloc in June 2026, all in the east and Baltics, while Sweden, Czechia and Denmark had the lowest rates, a clear north-east divide.

The higher rates in eastern Europe reflect faster wage growth, catch-up in prices toward western levels, and in some cases looser fiscal policy, a divide our GDP per capita coverage frames through the wide income differences across the bloc.

East above west: inflation was highest in eastern and Baltic members and lowest in the Nordic economies, on an indexed scale across the main components.

The lower rates in the Nordic and some western economies reflect tighter policy, weaker demand and, in cases such as France, regulated energy prices, leaving a wide spread across the twenty-seven members.

The wide spread of rates, from below 1 percent to above 9 percent, is a standing challenge for a single monetary policy that must serve economies at very different stages.

How Many EU Countries Are Above Target?

Most EU member states remained above the European Central Bank target of 2 percent in June 2026. Around twenty of the twenty-seven members were above target, with only the Nordic economies, Czechia and a few others below the two percent mark that the central bank aims for.

The persistence of above-target inflation across most member states kept the European Central Bank cautious about cutting interest rates too quickly. Around twenty of the twenty-seven EU member states were above the 2 percent target in June 2026, with only the Nordic economies, Czechia and a few others below it.

With inflation above target in most members, the European Central Bank faced a difficult balance between supporting growth and ensuring prices returned fully to 2 percent.

The number of member states above target, and how far above, matters greatly for a European Central Bank that must set a single interest rate for the whole euro area, from the lowest-inflation Nordic economies to the highest in the east.

The gap between the highest and lowest rates, more than eight percentage points, makes setting one interest rate for the whole bloc an unusually difficult balancing act.

The persistence of above-target inflation across most of the bloc kept pressure on the European Central Bank, a tension the European Central Bank faced as it weighed further rate cuts against the risk of inflation staying high across the bloc.

Most are above: around twenty of the twenty-seven EU member states were above the European Central Bank target of 2 percent in June 2026.

The spread of rates around the target, from below 1 percent to above 9 percent, is one of the hardest challenges for a single monetary policy that must serve twenty economies sharing the euro and a wider union of twenty-seven.

Managing inflation that ranges from below 1 to above 9 percent with one interest rate is among the hardest tasks facing any central bank in the world.

Why Do Poorer EU Members Have Higher Inflation?

Inflation in the EU is closely tied to income levels. The highest-inflation members, in eastern Europe, tend to have lower incomes and are catching up in prices, while the wealthier western and Nordic economies have lower and steadier inflation.

The link between lower incomes and higher inflation, clearest in eastern Europe, is one of the defining features of the EU price map and of the convergence process. The highest-inflation members in June 2026, in eastern Europe and the Baltics, tend to have lower incomes and are converging in prices toward the wealthier western and Nordic economies.

The clear link between income and inflation across the EU, with poorer members facing higher rates, is a reminder that a single currency covers economies at very different stages of development.

The strong link between income and inflation across the EU, with poorer eastern members facing the highest rates, reflects the long process of economic convergence within the bloc, as prices and wages in the east rise toward western levels over time.

This link between lower incomes and higher inflation reflects the process of convergence, as prices and wages in poorer members rise toward western levels, a story our richest countries and largest economies coverage frames.

Bubble size shows population: lower-income eastern members tend to have higher inflation, while wealthier western and Nordic economies have lower rates. Position shows inflation against income.

The pattern is not absolute, and energy dependence, fiscal policy and currency arrangements all play a part, but the broad link between income and inflation is one of the clearest features of the EU price map.

The convergence of prices and wages in poorer members toward western levels is a healthy sign of catch-up growth, even as it keeps their inflation above the bloc average.

Will EU Inflation Keep Falling?

EU inflation is expected to ease further, falling toward the 2 percent target through 2027 as the energy shock fades, though the pace will vary widely across member states. The outlook for EU inflation, easing but uneven, will shape interest rates and living standards across a bloc of twenty-seven very different economies.

The central expectation is that EU inflation eases toward target through 2027, though eastern members are likely to stay above the western average as convergence continues. Much depends on whether energy prices stay contained, since a renewed shock, like the one that drove the spring spike, could quickly push inflation back up across the bloc.

The outlook depends heavily on energy prices and the course of conflict in the Middle East, with a renewed shock able to push inflation up again, a risk our global economy coverage tracks alongside the wider outlook.

Easing to target: EU inflation is expected to ease toward the 2 percent target through 2027 and 2028 as the energy shock fades, though unevenly across members.

Eastern members are likely to keep inflation above the western average for some time, as the process of price convergence continues, leaving the wide spread across the bloc a lasting feature rather than a temporary one.

EU Inflation in Numbers

A few figures capture the picture. EU inflation averaged 2.9 percent in June 2026 and the euro area 2.8 percent, with Romania highest at 9.2 percent and Sweden lowest at about 1 percent, a spread of more than eight points.

These figures together capture a bloc past the worst of the energy shock but still above target, with one of the widest spreads between members in its recent history. These figures matter because they show a bloc still working to bring inflation fully back to target, with a spread between members that makes a single monetary policy especially hard.

These figures together capture a bloc that has come a long way from the double-digit inflation of 2022 but still faces above-target rates and a very wide spread between members.

These figures matter because inflation shapes interest rates, wages and living standards across the bloc, a picture our global inflation coverage sets alongside the wider world.

The east leads: the highest EU inflation in June 2026 was in Romania at 9.2 percent, Lithuania at 5.4 percent and Bulgaria at 5.2 percent, all in the east and Baltics.

Together they describe a union where inflation has eased from its spring peak but remains above target in most members, with a very wide gap between the highest and lowest member states across the union.

For now, EU inflation stands above target in most members but well below the extremes of 2022, with a very wide gap between the highest and lowest member states.

EU Inflation 2026: The Big Picture

Taken together, EU inflation in June 2026 shows a bloc past the worst of the energy shock but still above target, with Romania and the Baltic states far above the Nordic economies and Czechia at the other end of the scale.

The wide spread between member states, from about 1 to more than 9 percent, remains the defining feature of EU inflation and the hardest challenge for a single monetary policy.

A year of change: inflation rose in most large EU economies between June 2025 and June 2026, as the energy shock lifted rates across the bloc.

Whether inflation returns smoothly to target will depend on energy prices and the wide differences between member states, but for now the EU faces easing but still elevated inflation and one of the widest spreads in its recent history, as our UK inflation coverage compares with its neighbours.

Frequently Asked Questions: EU Inflation 2026