Eurozone Inflation Hits 2.9% as Energy Prices Surge

The eurozone's inflation rate rose to 2.9% in July, according to Eurostat's final estimates released on Wednesday.

This represents a slight increase from June's 2.8%, which was consistent with the flash reading announced three weeks prior.

The main contributor to this uptick was energy prices, which soared by 10.3% year-over-year, following a brief slowdown in June when they rose by only 8.5%. This marked a return to the inflation rates seen in April and May, before fuel supply disruptions in the Middle East led to a surge in crude prices.

The energy price growth outweighed decreases in other areas, with food, alcohol, tobacco, and services experiencing slower annual price increases compared to June.