Eurozone Inflation Holds Steady at 3.2% Amid Ongoing Energy Price Pressures

According to Eurostat, the European Union's statistics agency, the Eurozone consumer price growth rose by 3.2% in the twelve months to August.

This rate remains well above the European Central Bank's (ECB) 2% target level and is slower than a preliminary reading of 3.3%.

The month-on-month measure rose by 0.4%, with consumer prices elevated due to supply constraints sparked by the war in the Middle East, which has led to increased natural gas costs.

Recently, the ECB raised interest rates for the second time this year, citing a need to corral energy-driven inflation and warning that price gains are set to remain 'well above target for an extended period.'