Inflation jumps in France and Italy. Could the ECB respond?

Preliminary harmonised inflation accelerated in September to 3.4% in France, from 2.6% in August, and to 4.1% in Italy, from 3.2%, national data showed on Wednesday. The comparable measure is designed to make inflation rates easier to compare across EU countries. Energy costs were a major part of the latest rise.

Does one month of faster inflation mean the ECB must raise rates again?

No single report decides policy. The ECB will look at whether the increase spreads beyond energy, how long it lasts, and whether it changes wages and price-setting. Higher rates can reduce demand, but cannot produce more fuel or gas.

The figures are preliminary national readings, not the final euro-area inflation result. They show why the next policy decision has become harder, rather than telling us what the Bank will do.