Eurozone Inflation Hits 2.9%, ECB Rate Hike Looms

The eurozone's inflation rate ticked up in July, reaching 2.9% from the same month last year.

This increase is attributed to a rise in energy prices by 10%, driven by higher international oil prices due to tensions between the US and Iran.

Core inflation, which excludes volatile items such as food, alcohol, and tobacco, also rose to 2.5% from June's 2.4%.

The European Central Bank (ECB) is now under pressure to raise its key interest rate at the upcoming September 10 monetary policy meeting in response to these inflationary pressures.