Eurozone Inflation Edges Up to 2.9 Percent in July Amid Rising Energy Prices

Annual inflation in the eurozone is expected to rise to 2.9 percent in July from 2.8 percent in June, according to a flash estimate released by Eurostat.

The increase was mainly driven by renewed energy price pressure, with energy prices rising 10.0 percent year-on-year in July, up from 8.5 percent in June, according to Eurostat.

Bert Colijn, ING's chief economist for the Netherlands, warned that inflation could rise significantly in August if oil prices remain around their current levels.