Eurozone Inflation Surges to 3-Year High as Energy Prices Soar

Inflation in the eurozone has reached a three-year high of 3.8% as energy prices surge, according to Eurostat.

The European Union's statistical office reported that consumer prices rose by 18.8% year-on-year, driving up overall inflation rates.

This marks a significant increase from the previous month's rate of 3.2%, exceeding experts' forecasts and prompting concerns about further interest rate hikes by the European Central Bank (ECB).

The ECB has already raised interest rates twice this year to combat soaring inflation, which is now significantly above its target of 2%.