Eurozone Inflation Hits Three-Year High Amid Middle East Conflict

The Eurozone inflation rate has reached its highest point in three years, rising to 3.8% year-on-year in September.

This increase is significantly higher than the previous month's rate of 3.2%, according to data from Eurostat released on October 2.

The main driver behind this surge in inflation is the rise in oil and natural gas prices, which has been exacerbated by ongoing conflict in the Middle East.

Inflation exceeded expectations in some of the region's largest economies, particularly Spain, where it reached 5% in September.