Eurozone Inflation Hits 3.2%, Remains Above ECB Target

Consumer price growth in the Eurozone rose by 3.2% over the past twelve months, according to the final estimate from Eurostat.

This rate remains above the European Central Bank's target level of 2%, and is actually slightly lower than a preliminary reading of 3.3%. Month-on-month, the measure increased by 0.4%

The ongoing conflict in the Middle East has led to supply constraints, resulting in higher natural gas costs.

Last week, the ECB raised interest rates for the second time this year, citing energy-driven inflation as a concern.