Eurozone Inflation Hits 2.9% Amid Renewed Energy Price Pressure

The eurozone's annual inflation rate rose to 2.9% in July, according to a flash estimate from Eurostat.

This increase was mainly driven by renewed energy price pressure, with energy prices expected to rise 10.0% year-on-year in July, up from 8.5% in June.

Services inflation is also expected to rise to 3.3% from 3.2% a month earlier.

The data came after the European Central Bank (ECB) decided last week to keep its three key interest rates unchanged.