Eurozone Inflation Rises 3.3% in August

The Eurozone's inflation rate rose to 3.3% Year-on-Year (YoY) in August, according to preliminary data from Eurostat. This is higher than the previous reading of 2.9%. The Harmonized Index of Consumer Prices (HICP), a key indicator of inflation, also showed a monthly increase of 0.4%, up from 0.2% in July.

The core HICP, which excludes volatile components such as food and energy, rose to 2.4% YoY, lower than estimates and the previous release of 2.5%. Month-on-month, core HICP increased by 0.2%, after remaining flat in July.

The Euro (EUR) saw a marginal positive impact from the data, but it remains sharply lower against the US Dollar at press time, trading near 1.1595.