Eurozone Inflation Hits 2.9% as Oil Prices Surge

The Eurozone inflation rate accelerated slightly to 2.9% in July, according to data released by Eurostat. This marks an increase from the previous month's rate of 2.8%, and is in line with estimates.

The renewed fighting in the Middle East has contributed to fluctuations in oil prices, maintaining inflationary pressures that have been a concern for policymakers at the European Central Bank (ECB).

The core consumer price index (CPI) rose to 2.5%, while services inflation quickened to 3.3%. The ECB will likely consider these numbers, along with the upcoming August release, when officials meet in September.