Eurozone Inflation Surges to 2.9% Amid Energy Price Hikes

The eurozone saw its inflation rate tick up in July to 2.9%, according to a recent estimate from Eurostat, with energy costs being a major driver of this increase.

Annual consumer price growth rose from 2.8% in June to match economists' expectations, while core inflation, which strips out volatile food and energy prices, also increased to 2.5%, up from 2.4%. Energy prices saw the largest annual jump at 10%, followed by services at 3.3%.

Lithuania topped the list of countries with the highest inflation rates in July, with a rate of 5.6%, while Estonia reported the lowest inflation rate at just 2.0%. Among the larger economies, Germany saw its inflation rate accelerate to 2.8% and Italy matched the eurozone average at 2.9%.