Eurozone Inflation Hits Highest Level This Year at 3.3 Percent

The Eurozone has seen its highest inflation rate so far this year at 3.3 percent in August, according to a flash estimate from Eurostat.

This marks an increase of 0.4 percentage points from July's 2.9 percent and is the second consecutive monthly rise in inflation.

The acceleration was mainly driven by energy prices, which jumped to 14.3 percent from 10.3 percent in July, while services inflation eased to 3.0 percent from 3.3 percent.

Spain recorded the highest inflation rate among the eurozone's largest economies at 4.5 percent in August, followed by Italy and France with increases of 0.3 percentage points to 3.2 percent and 2.7 percent respectively.