Eurozone Inflation Rises to 2.9 Percent Amid Renewed Energy Price Pressure

Eurozone inflation rose to 2.9 percent in July from 2.8 percent in June, according to a flash estimate released by Eurostat on Friday.

The increase was mainly driven by renewed energy price pressure, with energy prices expected to rise 10.0 percent year-on-year in July, up from 8.5 percent in June.

Services inflation is also expected to rise to 3.3 percent from 3.2 percent a month earlier. Food, alcohol and tobacco prices are estimated to rise 1.2 percent year-on-year, down from 1.5 percent in June.

Germany's rate increased to 2.8 percent from 2.4 percent in June, while France's rose to 2.4 percent from 2.0 percent. Spain's inflation rate jumped to 3.8 percent from 3.6 percent.