Forex
Eurozone Inflation Hits Three-Year High Amid Energy Price Surge
Inflation in the eurozone has reached its highest level in three years, accelerating to 3.3% in August.
The European Central Bank's target of 2% is well above this new high, and marks a sharp increase from July's rate of 2.9%.
Energy prices were the main driver behind the surge, rising 14.3% year-on-year in August compared to a 10.3% increase in July.
The conflict between the United States and Iran has contributed to a sharp rise in energy prices worldwide, with the near-closure of the Strait of Hormuz exacerbating the issue.