Eurozone Inflation Hits Three-Year High on Soaring Energy Costs

The Eurozone inflation rate has risen to its highest level in three years, reaching 3.3% in August. This is according to official data from the EU's statistical office, Eurostat.

The increase was driven by higher energy costs, which rose by 14.3% in August after a 10.3% rise in July. The war in the Middle East has put pressure on global energy prices, and the European Central Bank (ECB) is expected to raise interest rates again to tame 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.