Eurozone Inflation Hits 2.9% Amid Energy Price Surge

The Eurozone inflation rate increased to 2.9 percent in July, up from 2.8 percent in June, due to rising energy prices caused by the war in the Middle East.

According to the EU's statistics agency, Eurostat, this is higher than the European Central Bank's target of two percent.

ECB chief Christine Lagarde warned last week that the energy shock from the US-Iran conflict 'could intensify further', and the ECB kept its key deposit rate unchanged in July while opening the door to a potential rise in September.