MNI Eurozone Inflation Preview – February 2026

Will Services Inflation Continue To Inch Lower?

EXECUTIVE SUMMARY - CLICK HERE FOR FULL REPORT 

• The Eurozone February flash inflation round is split across two weeks. France, Spain and Germany are scheduled to release data on Friday February 27, with the Netherlands, Italy and the and the Eurozone aggregate following on Tuesday February 3.
• While the release will be the final one ahead of the March ECB meeting (and thus will feed into the updated macroeconomic projections), a material surprise is likely required to make an impression on the Governing Council, who have set a high bar for rate moves in either direction.
• Analyst views on the release are limited so far. On balance, the forecasts we have seen point towards a roughly stable/marginally hiigher core figure from January’s 2.18%, with broadly stable services countered by slightly firmer core goods. Energy is seen to add to the upside on the back of higher fuel prices and some French-centric base effects, which should see headline accelerate slightly from January’s 1.66%.