Eurozone Inflation Hits Three-Year High on Energy Price Surge

The eurozone's inflation rate has reached its highest level in three years, hitting 3.3% in August.

This increase is largely driven by rising energy costs, which have surged 14.3% year-over-year in August compared to a 10.3% rise in July.

The conflict between the US and Iran has contributed to the sharp increase in global energy prices.

As a result, the European Central Bank is expected to resume interest rate hikes at its September 10 meeting in an effort to curb inflation.