Eurozone inflation hits 3-year high at 3.3% in August
The figure provided by the EU's statistical office was up sharply from 2.9% in July and in line with Bloomberg analysts' forecasts.
Eurozone inflation surged to a three-year high of 3.3% in August, driven by surging energy costs caused by the Middle East war, according to official EU data. This marks a significant rise from 2.9% in July and aligns with analysts' expectations. Energy prices alone saw a 14.3% increase in August, following a 10.3% surge in the previous month.
The conflict in Iran and the closure of the Strait of Hormuz have contributed to global energy cost inflation. The European Central Bank (ECB) is expected to raise interest rates again at its September 10 meeting to combat the inflationary pressure, following a pause in July. ECB President Christine Lagarde had warned in July that the energy shock from the conflict could intensify further.
While core inflation, excluding energy and food prices, stayed relatively stable at 2.4% in August, food and drink prices remained unchanged at 1.2% from July.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Foreign buying in Indian stocks hits 23-month high in August, depository data shows brecorder.com
- Eurozone inflation hits 3-year high at 3.3% in August freemalaysiatoday.com
