Eurostat, the European Union’s statistical office, released figures moments ago showing that annual inflation in the Eurozone rose to 3.8% in September, according to the preliminary reading, compared to a revised 3.2% in August. This figure exceeded expectations of 3.6% growth.

The largest contributor to inflation in September was the energy sector, which rose by 18.8%, following growth of 14.3% in August. Services also increased by 3.2%, up from 3.0% in August. The food, alcoholic beverages, and tobacco sector index rose by 1.4%, up from 1.2%, while the non-energy industrial goods index increased by 1.1%, up from 1.2%.

The core index, which excludes food and energy prices, rose by 2.5% in September, compared to 2.4% in August, matching market expectations.