ECB outlook for euro area economy and energy prices as of September 2026

The European Central Bank published its economic outlook for the euro area as of September 2026. The report includes developments in energy commodity prices, with projections based on futures markets, and scenarios for oil and gas prices through 2028.

Energy price indices, inflation forecasts, and macroeconomic variables such as GDP growth, unemployment, and fiscal stance are detailed. The outlook also covers trade in AI-related goods, inflation expectations, and financial conditions, with specific emphasis on energy inflation, consumer prices, and monetary policy impacts.

The report provides projections for key variables up to 2028, including inflation rates, real GDP growth, and fiscal deficits, based on ECB staff macroeconomic models and market data. The latest observations are from September 2026, with projections extending to 2028.

For full details, see the official ECB publication at ECB September 2026 economic outlook PDF.