EUR CPI m/m comes in at 2.9% against 1.2% consensus

The Eurozone’s Consumer Price Index month over month (CPI m/m) for September 2026 was reported at 2.9%. This figure significantly exceeded the consensus expectation of 1.2%, representing a 141.7% surprise. The previous month’s reading was 0.2%.

Following the release, the Euro showed varied movements against major currencies over the initial 15 minutes. EURAUD gained 6.1 pips, EURCAD rose 1.7 pips, EURCHF was up 0.6 pips, EURGBP increased by 1.1 pips, EURJPY saw a gain of 0.7 pips, EURNZD climbed 2.9 pips, and EURUSD advanced 2.6 pips. These initial moves are generally smaller than the median 1-hour moves observed after past releases. For example, EURUSD typically sees a median 1-hour move of 6 pips, while EURAUD’s median 1-hour move is 9 pips. Top-quarter releases have historically seen moves of 10+ pips for EURUSD and 17+ pips for EURAUD.