Eurozone Inflation Accelerates to 2.9% in July

The Eurozone and European Union both saw inflation accelerate in July, reaching 2.9% and 3%, respectively.

According to data from the European Union's statistical office, this marks a rise from June's slight decline of 2.8%

The highest year-on-year inflation rates were recorded in Romania (8.2%), Lithuania (5.4%), and Cyprus and Bulgaria (both at 4.4%).

Portugal's rate of 3.1% was higher than the eurozone and EU averages, while Sweden had the lowest inflation increase at 0.3%