Eurozone Inflation Hits 3-Year High at 3.3% Amid Global Energy Price Increases

The Eurozone's inflation rate has hit a three-year high of 3.3% in August, exceeding the European Central Bank's two-percent target.

This sharp increase from 2.9% in July is largely due to rising energy costs, which have been exacerbated by the war in the Middle East and the near-total closure of the Strait of Hormuz, a key energy trade route.

The US war against Iran has sent global energy prices soaring, with energy prices increasing 14.3% in August after rising 10.3% in July.

Core inflation, which strips out volatile energy and food prices, remained stable at 2.4% in August, while food and drinks inflation stayed at 1.2%.