Eurozone Inflation Hits 2.9% as Energy Costs Soar

Inflation in the eurozone rose to 2.9% in July, according to data from Eurostat. This represents an increase of one-tenth compared to June's rate.

The main driver behind this rise was a 10.3% jump in energy costs, up from 8.5% in June.

However, the price of fresh food increased by only 2.4%, which is seven-tenths lower than the previous month's rate.

Excluding energy prices, inflation in the eurozone remained steady at 2.2%, while core inflation, which excludes fresh food and other items, rose to 2.5% from 2.4% in June.