Headline inflation ticked up mainly on energy base effects as energy inflation increased from -2% to -0.4% in September. This will likely fade again in the coming months, which means that this small flare-up of inflation can largely be ignored. The latter will likely mute inflationary pressures in 2026, but is not set to have a big impact on core inflation as of yet. The core inflation outlook for the coming months remains very steady. Core inflation was stable at 2.3% in September, and it seems reasonable to expect this measure to decline very slowly in the coming quarters.