„EZB-Zinserhöhung überfällig“: Iran-Krieg treibt Inflation im Euroraum auf 3,3 Prozent

The inflation rate in the Eurozone surged in August due to soaring energy prices, reaching 3.3% year-on-year, according to the Eurostat statistical office in Luxembourg. This figure exceeded the European Central Bank's (ECB) target for medium-term inflation, which is a two percent annual increase. Economists expect the ECB to raise interest rates at their meeting on September 10.

"An interest rate hike at the ECB's meeting next week is overdue," stated Commerzbank Chief Economist Jörg Krämer. Many companies are likely to pass on the energy cost surge to customers. Stephanie Schoenwald, an economist at KfW Development Bank, echoed this view, stating that the ECB should consider a further upward adjustment in September as long as energy prices remain the main driver of inflation.

However, further interest rate hikes beyond this point are not necessary, according to her, as long as energy prices continue to be the dominant factor in inflation. Energy prices accelerated their increase once again in August, with a 14.3% rise year-on-year, reported Eurostat. The blockade of the Hormuz Strait, a key oil route, remains unresolved, preventing a sustainable recovery in oil flows.

Comparing August to the previous month, the price level in the Eurozone increased by 0.4%. In Germany, rising prices for heating and fuel drove the inflation rate to 2.9% in August, as reported by the Federal Statistical Office on Monday. Consumer prices continued to rise more rapidly towards the end of 2023.