Eurozone Inflation Hits 2.9%, Driven by Energy Price Surge

The inflation rate in the eurozone has risen to 2.9% in July, according to preliminary estimates from Eurostat.

This increase is driven mainly by energy costs, which have skyrocketed by 10%, up from 8.5% in June.

Despite this, excluding energy prices, inflation in the eurozone remains at 2.2%, the same level as recorded in June.

Core inflation, which excludes fresh food, alcohol, and tobacco, has climbed to 2.5%, up from 2.4% previously.