Eurozone Inflation Hits 2.9% in July, Driven by Soaring Energy Costs

The eurozone's inflation rate rose to 2.9% in July, surpassing June's figure by one-tenth of a percentage point, according to preliminary estimates from Eurostat.

The main driver behind this slight increase is the skyrocketing cost of energy, which has risen by 10% compared to last month's 8.5% hike.

In contrast, the price of fresh food has grown at a slower pace, with a year-on-year increase of 2.5%, down six-tenths from June's figure.

The inflation rate for non-energy industrial goods and services also rose by 0.9% and 3.3%, respectively, although these figures are not as high as those seen in the previous month.