Eurozone Inflation Hits Three-Year High Amid Energy Price Surge

The Eurozone's inflation rate has hit a three-year high of 3.3% in August, fueled by rising energy costs due to the war in the Middle East.

According to official data from the EU's statistical office, Eurostat, energy prices surged 14.3% in August after increasing 10.3% in July.

The European Central Bank (ECB) is expected to raise interest rates again at its meeting on September 10 to combat the surge in prices.

Core inflation, which strips out volatile energy and food prices, slowed back to 2.4% in August after accelerating slightly to 2.5% in July.