Eurozone Inflation Hits 3.3%, ECB Readies for Rate Hike

The inflation rate in the eurozone rose to 3.3% in August, exceeding expectations and putting pressure on the European Central Bank (ECB) to raise interest rates further.

The data, released just nine days before the ECB's decision on interest rates, shows that energy prices are a major contributor to inflation, rising by 14.3% year-on-year in August.

This is a significant increase from July's 10.3%, and will likely be a key factor in the ECB's decision-making process.

The core inflation rate, which excludes energy prices, fell slightly to 2.4%, while services moderated their growth to 3%.