Eurozone Inflation Hits 2.9% on Energy Price Surge

The eurozone's annual consumer inflation rate rose to 2.9% in July, marking an increase from June's rate of 2.8%. This rise was largely driven by energy prices, which climbed 10% year-over-year after a 8.5% increase the previous month.

Services inflation also ticked up to 3.3%, while non-energy industrial goods saw a slight increase to 0.9%. Food, alcohol, and tobacco prices rose at a slower pace of 1.2% year-over-year, down from June's 1.5% increase.

Core inflation, which excludes energy, food, alcohol, and tobacco, increased to 2.5% from 2.4%. On a monthly basis, eurozone consumer prices rose an estimated 0.2% in July.