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Eurozone inflation surpasses 3%
Inflation rates in the Eurozone rose to 3.3% in August, recording the highest level since September 2024. This increase was driven by a 14.3% rise in energy prices, fueled by international events such as the war with Iran and the closure of the Strait of Hormuz, which adversely impacted the European natural gas market. Despite this, core inflation fell back to 2.4%. The European Central Bank is expected to raise interest rates by 0.25% at its September 10th meeting, after already increasing them to 2.25% in June, in an effort to curb inflationary pressures resulting from global conditions.
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