Eurozone Inflation Hits 3-Year High as Energy Prices Skyrocket

Eurozone inflation has hit its highest level in three years, reaching 3.3% in August according to official data released on Tuesday.

This is a sharp increase from 2.9% in July and surpasses the European Central Bank's (ECB) 2% target.

The main driver of this inflation was energy prices, which rose by 2.9% month-on-month in August, pushing the annual change to 14.3% from 10.3% in July.

Lithuania recorded the highest annual inflation at 5.8%, followed by Cyprus at 5.2% and Bulgaria at 5.1%. Among the bloc's largest economies, Italy recorded 3.2%, Germany 2.9% and France 2.7%.