Eurozone Inflation Hits 2.9%, German Jobless Rate Edges Up

The Eurozone's inflation rate rose slightly to 2.9% in July, driven by increasing energy prices due to the ongoing conflict in the Middle East.

The data, released by the EU's statistics agency, Eurostat, is in line with analysts' predictions and marks a small increase from June's 2.8% rate.

Core inflation, which strips out volatile energy and food prices, accelerated to 2.5% in July, up from 2.4% the previous month.

The European Central Bank (ECB) had kept its key deposit rate unchanged last week but hinted at a possible hike in September due to the ongoing energy crisis.