Eurozone Inflation Rises 3.2% YOY Despite ECB Rate Hike

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

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

The Eurozone's inflation has been fueled by supply constraints caused by the war in the Middle East, which have led to a significant increase in natural gas costs.

In response, the ECB raised interest rates for the second time this year last week, citing a need to corral energy-driven inflation.