Eurozone Inflation Hits 2.9%, ECB Considers Rate Hike

The Eurozone's inflation rate has risen to 2.9% in July 2026, driven primarily by higher oil prices resulting from the ongoing Iran conflict.

This increase in core inflation and service costs indicates that price pressures are spreading across the economy.

In response, the European Central Bank (ECB) is considering another interest rate hike to maintain control over rising prices.